The operations teams of superannuation funds are under intense pressure to deliver maximum efficiency at minimum cost while facing increasing complexity.
As super funds endeavour to meet the challenge of delivering an enhanced digital experience for members, the operations team’s role is expanding.
In the superannuation industry, the head of operations plays a critical role in the fund’s ultimate success, much as the chief operating officer does in the corporate world.
‘Operations: Driving the engines of business’ is the name of a panel that will discuss these issues at the upcoming Australian Institute of Superannuation Trustees’ Conference of Major Superannuation Funds 2017, to be held on the Gold Coast, March 22-24. Participating in the panel will be Shine Lawyers chief operating officer Geniere Aplin, Australian Taxation Office chief operating officer Jacqui Curtis, and IBM Global Technology Services Australia and New Zealand chief operating officer Darren Watson.
Ahead of CMSF 2017, CareSuper general manager operations Rachel Reynolds, who will chair the panel, shared some of her thoughts on the topic with Investment Magazine.
IM: What are the biggest pressure points where back-office operations affect the member experience?
RR: The complexity of the super system, and constant regulatory changes, hurt member confidence. Therefore, it is imperative that all staff in the contact centre or talking with members are well trained and confident at dealing with the complexity and changing nature of enquiries.
Members expect to be able to choose how we communicate with them, and how they can interact with their fund. To enable members to do this, we need to be able to provide sound digital platforms more and more quickly.
We need to make sure all of our processes are clear and efficient, especially when members need us the most. This is often when moving into the retirement phase or making an insurance claim, so it is critical that we are able to meet members’ expectations and needs at these times.
What is the strongest trend you are seeing in the different services members want?
Members expect technology to be personalised, accessible and transparent, as well as easy to use.
How does the operations team help your team succeed?
The priority for CareSuper’s operations team is providing an efficient and cost-effective service for our members. By focusing on quality and using economies of scale, we look to improve member engagement. Member education is also important in helping our members achieve their retirement goals.
To register to attend the Conference of Major Superannuation Funds, March 22-24, 2017, on the Gold Coast, CLICK HERE.