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.