In 2024 alone, HESTA disbursed more than $186 million to members through insurance benefits. This underscores the significant role that insurance plays in safeguarding the fund's extensive membership of over one million people. HESTA's CEO, Debby Blakey, highlights that the decision to continue with AIA will translate to long-term quality insurance protection at a reduced cost, a crucial consideration amidst rising living expenses in Australia.
The renewal of this partnership with AIA Australia follows a comprehensive tender process initiated in December 2024. This has ensured that the chosen insurer aligns well with HESTA's focus on healthcare and community services, offering affordable and simple access to necessary insurance coverages for its members and their families.
Looking forward, HESTA plans to collaborate closely with AIA to refine aspects such as pricing, product design, and the terms and conditions of the insurance offerings. These enhancements should further solidify the value delivered to members, catering to their evolving needs. Reflecting on the tender process, Blakey expressed gratitude to all insurers that submitted competitive and high-quality proposals.
This partnership renewal not only secures better value for HESTA members but also sets the stage for future innovations in insurance offerings, driven by the collaborative efforts of HESTA and AIA.
