The GFC had an unexpected side-effect for Superpartners: members’ demands for general and personal advice forced the administrator to consider new software to deliver better advice more quickly. Provisio Technology’s software was put in place at first to address transition-to-retirement enquiries, says Marianne Walker, National Contact Centre Manager for Superpartners.
“We’d begun investigating improving the efficiency of service delivery to address the need for more accessible and affordable advice,” she says. The rapid financial advice delivery software was evaluated, along with other possible solutions, and Provisio has been used for more than 18 months. As additional modules for contributions and insurance were introduced, Walker says, the Provisio software augmented existing advice processes, in many cases replacing spreadsheets developed internally. “We saw Provisio at the 2008 Financial Planners Association conference and were impressed with the speed and simplicity with which Provisio presents complex information,” she says. “It allows our advisers to focus [on] speaking with members, rather than [be] in the backoffice performing calculations and writing reports.
“Provisio equips us with the information to provide meaningful quality advice on the spot and supports the seamless generation of our advice documentation.” The software is now used for:
1. transition to retirement;
2. insurance (death cover, total & permanent disability cover and income protection);
3. super contributions (including pre- and post-tax contributions such as salary sacrifice, and qualifying for government co-contribution);
4. investment choice; and
The last module is still very new, Walker says, “but represents our continuing desire to improve the advice we can provide to our members”. Provisio has enabled Superpartners to “provide more tailored and accessible advice to a far greater number of our members with an efficiency that would simply not be possible with traditional advice tools,” Walker says. In a single phone call, Superpartners staff can explain a strategy to a member, quantify the actual benefit to them, and then generate the corresponding advice documents for them.
Walker says this has cut hours from the traditional advice production time, “but importantly, without sacrificing the quality of the advice”. Superpartners has benefitted through the increased speed of delivery of advice and the corresponding member engagement that this generates. Walker says the software has helped staff “engage in a much more meaningful way than we could previously and … scale our operations much more effectively. We expect our advice services to improve member satisfaction and retention.”