In all my years in insurance and superannuation, I had not seen as big a cross industry mobilisation and co-operation as with the production of the Insurance in Super “Code”. With its objective of improving insurance in superannuation for members, including a commitment to being transparent, fair, respectful, honest and timely, and not inappropriately eroding retirement income, it was, and is, a force for good.
But despite those aspects, external perceptions of its limitations including its voluntary nature, contributed to announced Budget changes.
With reducing trust in the industry from case studies in the Royal Commission and negative media coverage, it is more critical than ever to implement the code and improve related processes beyond the code where possible to truly improve member insurance outcomes in their best interests.
So how best to do this?
We recommend a mix of classic “gap analysis” and process re-engineering and improvement. This needs to be done efficiently and effectively, conscious of costs vs member benefit:
We partner with Funds and Trustees to drive and support such initiatives