We also have through our administrator, AAS, a front end system for the call centre operators, that as soon as they put in a member number it will show on the screen how many units of insurance these people have. So when that comes up the call centre operators are trained according to other criteria…you know, age and other factors about this person, to talk to them about insurance and how long has it been since they reviewed their insurance…if they’ve ever reviewed their insurance, and try to engage them that way as well.
Geoff Brooks: I think our data mining as an industry has been very poor in terms of targeting people. Some of the underlying assumptions in insurance products are out of whack with the way lifestyles have changed in the community. We offer unit based insurance in our accumulation product and you’ve got to ask whether that’s a valid thing to still offer – where it reduces after the age of 36.
The problem is for a superannuation fund, whilst aged based demographic and split might be good for understanding generally how peoples’ investment requirement will change, it does nothing to indicate how insurance requirements will change. And I think one of the challenges for administrators and people who handle all our data is to be able to send us extracts of information on triggers that may indicate changed demand for insurance like someone who updates their beneficiaries in the system. The only trigger points we have at the moment for insurance engagement are when you join the fund and when you change your job. It becomes very generic communication.
Glenn Palmer: We upped the default levels of cover and the information back from members was ‘that was great.’ But I think it also caused a bit of a problem which Tassin talked about, which was that we said to people, we’ve upped your cover. We’ve given you a lot more cover. So they think…Because they don’t know how to assess what’s the right level of cover for them, they just go, that’s great. The fund must know what’s the right level for me, so I don’t have to think about it. So I’ll just accept that’s what it is. We’ve done great things with our employers about upping the knowledge about what our insurance product is. In fact in our latest employer research it came up for the first time in our satisfaction model as being a driver of satisfaction with the fund. They said, well you’re insurance product is good, therefore this is a driver for us for satisfaction for the fund.