POWERED BY MOMENTUM MEDIA
Students address underinsurance issue with UNSW and MetLife
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.”
AUTHOR
Rhea Nath
Rhea L Nath is a journalist on Super Review and InvestorDaily, with a focus on funds management, superannuation, and institutional investment. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
