Industry superannuation fund Cbus and its administrator MUFG Retirement Solutions have settled a lawsuit over delays processing death benefits and other life insurance claims.

They say they have implemented reforms to streamline claims handling and payment services.

“We have improved processing and payment times and we expect to do even better,” said a joint statement from Cbus trustee United Super and MUFG, which is a subsidiary of Mitsubishi UFJ Financial Group. They are also digitising more member services and communications.

Last November, the Australian Securities and Investments Commission launched legal action against United Super over allegations the trustee failed to “efficiently, honestly and fairly” handle thousands of Cbus members’ death and disability claims. Cbus offered death, total and permanent disability and other insurance underwritten by TAL. 

ASIC alleged Cbus was aware of inordinate delays but failed to take prompt and effective action.