Provisio, now in its third version, began as transitionto- retirement software five years ago and has grown into a modular offering covering retirement adequacy, contributions optimisation, investment choice and insurance. In contrast to the in-the-cloud trend for software, Provisio is available as a desktop installation only or through the Provisio server, says Tucker, to protect fund members’ private information. Tucker says Rapid Advice Delivery software is “revolutionising” the intra-fund advice space because it enables advice to be delivered face-to-face, through a call centre, or online. Funds can customise the software in response to members’ questions, and some now have financial advisers embedded in their call centres so advice can be given immediately and statements of advice generated and delivered instantly.

Insurance catches on

ING Australia is leading the assault on Australians’ underinsurance with its just-released study, Picking Up The Pieces, on the financial and emotional impact of parental death. Done in conjunction with Ipsos-Eureka Social Research Institute, the report surveyed more than 1,000 Australians about the effects of a parent’s death on the surviving partner and children. Almost 80 per cent of respondents said that life insurance would have helped them cope after the parent’s death. Of the children who’d had to change schools because of financial pressures on the surviving parent, three-quarters suffered from depression and their academic performance declined.

The country’s largest corporate fund, Telstra Super, has just announced that members can apply to have their externallyheld death or death and total permanent disablement (TPD) cover transferred and matched by Telstra Super at the fund’s group cover rates. Members must prove the external cover held, along with exclusions and loadings, and these arrangements are available to accumulation and defined benefit members in both employersponsored and personal divisions. Telstra Super’s chief executive, Martin Crowe, says this portability means members can simplify their financial security. The ability to transfer externally-held cover means members “are able to enjoy robust protection with the benefit of competitive group insurance premiums”.

Telstra Super has also partnered with health insurer HCF to offer a 12 per cent discount on private health insurance for hospital cover and extras. A Telstra Super spokesman, Kevin Moloney, says the fund has partnered with HCF after “extensive industry research”. He added that the alliance recognised “the synergies between the two funds – both organisations are not-for-profit [and] exist to benefit members”.

Industry fund Prime Super has pioneered trauma insurance policies for its primary industries’ members by offering this as well as the standard group cover. The fund was not required to justify this offering under the sole purpose test because it is distributing the policies and is not the manufacturer. MetLife, which manages the fund’s group risk liabilities, provides the trauma cover. For example, trauma insurance would cover the cost of modifications to a member’s house after an injury. When launching the product in 2009, the fund contacted 9,000 members, of whom 612 signed up for trauma cover.