A superannuation product which taps into the underserviced but fast growing middle market has just been launched by AMP.
The corporate superannuation solution, SignatureSuper Select, has been developed to target the 25% of Australian workers who fit into the middle market segment.
AMP’s director of corporate superannuation, Libby Roy, told Wealth Professional
that the move came after a gap in the market was identified.
“Traditionally the market has catered for bigger companies with highly tailored offers, leaving a one size fits all approach for the rest of the market,” she said.
SignatureSuper Select works by taking aspects of AMP’s corporate superannuation offer and tailoring it for middle sized businesses with between 50 to 750 employees.
The product’s benefits include over 30 investments options, flexible insurance arrangements, and a tired pricing structure.
Roy said the launch will also benefit many financial planners.
“This is great news for financial planners as they play a significant role in advising owners of small to medium sized companies.”
A product that targets the middle market has been sorely lacking, particularly as employee churn can be a significant issue for businesses this size.
“They are looking for many of the features and benefits of a big company, but need them delivered seamlessly as they often don’t have very much administration support internally, and senior management want to focus on the day to day running of the company,” she said.
AMP has been working on the middle market product for the past eight months.