In today’s digital world, super funds are under increasing pressure to provide mobile and tech-savvy members with a greater range of online tools and capability. At the same time funds are grappling to balance a range of other priorities, including regulatory change and pressure to deliver superior member outcomes.
Over the past eight years, we’ve seen greater investment in superannuation funds’ technological offerings across claims, quoting and underwriting application functions. Examples of this have included online application systems, to enable members to top up their cover online through the portal of their fund’s website – on mobiles, PCs and even tablets. The trend to making insurance more accessible to members has seen more than 17,000 members since June 2010 increase their level of cover via AIA Australia’s LIFEapp.
However, technology itself is just one side of the equation. Equipping fund staff with the right tools and information to educate members on the value of life insurance and identify events that may trigger a need for members to assess their insurance is also an important step in completing any technology delivery. Creating an online insurance education and training centre for member services staff is one way in which insurers can improve funds’ communication with their members and enhance overall service propositions.
Insurers have a commitment to superannuation fund clients to make it faster, simpler and more convenient for members to get access to the cover they need through a range of tools and devices. The success of insurers and funds in this area will ultimately be reflected through a reduction in Australia’s underinsurance gap.
Eleanor Ottaviano is the head of group insurance at AIA Australia.
|Day 1 newsletter from CMSF 2013|