Australian super funds find themselves on the cusp of an exciting and challenging new era. The rapid pace of regulatory and technological change has created a perfect storm for super funds.

There is a clear requirement for a new operating model that will transform the way funds operate in this increasingly complex and competitive environment. In this changed landscape, the marketplace is seeking a new, technology-led approach that reimagines superannuation. Specifically, a new hybrid operating model that allows funds to own their entire member journey, delivering unprecedented control over their data and operations.

Today, the vast majority of administration tasks – such as processing a contribution, paying a benefit or making an insurance change – are ripe for automation and the application of AI techniques such as machine learning. Leveraging these technological advances, a newly emerging operating model can transform administration capabilities. The result is that it will enable super funds and administrators to achieve game-changing cost efficiencies and better targeted resources that make a tangible difference to the member experience.

By leveraging a new technology-led operating model, super funds can gain significant business benefits that will enable them to take control of their entire member journey:

  • Deliver value – Extensive automation, AI and true system integration are transforming the administration capabilities of super funds and administrators, opening the door to unprecedented cost efficiencies and better targeted resources.
  • New world engagement – With an emphasis on highly personalised member experiences, a technology-led operating model will enable funds to create contextualised customer journeys at scale, enabling funds to connect with their members on the things that matter.
  • Unique insights – A technology-led operating model will provide unprecedented access to business and member data, providing a new level of insight like never before. 
  • Transparency and control – Super funds can leverage real-time operational and member insights to gain more transparency and control of their business.

As regulatory requirements, technology and member expectations continue to evolve, super funds are best served by technology infrastructure and business models that can evolve with them. By reimagining superannuation, a new technology-led operating model will make it easy and more cost-effective for funds to place their members at the heart of everything they do.

Ultimately, it will be those funds willing to be the first to embrace this new technology-led approach that will not only survive and thrive in this new world of superannuation but will be the first super funds in history to truly own their entire member journey.

×

About the authors

Jason Tong

Product and Propositions Director - APAC

Based in Melbourne, Jason Tong has more than 25 years of experience in software development and enterprise systems implementations, specifically within the financial services industry. Jason is responsible for developing, refining and executing Bravura’s strategic direction for its Wealth Management product suite in APAC, with a particular focus on new market propositions and technical innovation. Prior to this role, Jason was the Director of Business Development in APAC. He was also Bravura’s Chief Operating Officer in APAC for nine years, supporting the operational functions including project implementations and production support. Jason joined Bravura in 2005 as part of the Company’s acquisition of Tacit Group, where he was Chief Operating Officer.

Paul Dunn

Client Relations and Sales Director - APAC

Based in Sydney, Paul Dunn has over 25 years of experience in the financial services sector – having worked for major banks, life companies and global consulting firms. Throughout his career, Paul has held senior leadership roles in business development, account management, corporate consulting and operational administration. Paul joined Bravura in September 2018 and is responsible for leading sales growth in the APAC region across current and future customers. Paul’s previous role was with ANZ where he worked as the National Manager – Institutional Relationships, responsible for all major ANZ superannuation clients. Prior to this, Paul was the Head of Sales at ING Australia. He has considerable experience building effective teams and sales processes associated with the delivery of superannuation, investment and insurance solutions to major corporates.

More Insights