Iress will offer an automated administration service for superannuation funds to improve efficiency and member experience, it has been announced.
The technology firm has signed an agreement with Emergency Services and State Super (ESSSuper) to deliver the service called Automated Super Admin.
ESSSuper chief executive, Mark Puli said the super industry needed to evolve its transactional functions to be fully automated to further enhance the member experience to provide them with 24/7 access to their funds.
“ESSSuper believes that, in partnership with Iress, we can deliver cost-effective automated services complemented by out locally-based call centre and member engagement teams.”
Iress chief executive, Andrew Walsh, said the trend was to in-source operations closest to the super fund members such as contact centres and investment management.
“Conversely, super funds are seeking to outsource functional services including administration. Funds are also wanting greater automation for accuracy, and greater efficiency to reduce operational costs thereby creating capacity to invest in transformation and higher-value services for members,” he said.
Iress said the service would allow funds to:
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
Add new comment