University students have proposed solutions on how to get superannuation fund members to engage with their insurance coverage inside super in every life stage.
With this challenge in the University of New South Wales (UNSW) Sandbox Program, MetLife Australia wanted to address the issue of overlooking insurance, according to Wendy Tse, MetLife chief of staff, strategy and external affairs.
“Life insurance is not something that is set and forget. We should continuously reconsider coverage levels based on life events and changing circumstances,” she stated.
The winning solution used emotive messages to gain peoples’ attention and nudge them to review their coverage at specific life stages. It also proposed the use of simpler language to help improve financial literacy among super fund members.
Per recent studies, addressing financial literacy remained the need of the hour. On the Government’s Financial Capability dashboard in 2021, Australians received an average score of 68% when it came to financial literacy.
Additionally, one million Australians were underinsured for death/ total and permanent disability, as per a recent NMG report, and 3.4 million Australians were underinsured for income protection.
“The UNSW Sandbox Program provides a platform that facilitates the tripartite collaborations among industry, academics, and students,” said Dr Kevin Liu, deputy director of the UNSW Sandbox Program and undergraduate actuarial program director at UNSW Business School.
“It is fantastic to partner with industry leaders like MetLife who are passionate and committed to work with academics and students to deliver a transformative educational experience and empower young talents to co-create solutions for real-world challenges.”