Iress has announced it will provide automated administrative services to funds from Emergency Services and State Super, with the goal of improving efficiency and member experience.
The system – Automated Super Admin – will provide the fund with a core transactional and record-keeping platform, with real-time access to transactions and data for members, employers and advisers.
The system will also automate workflows and back-end administration, including both straight-through and exception-based processing.
“The trend is for super fund operations closest to the member to be insourced. This includes member and employer servicing such as contact centres and investment management,” said Iress chief executive Andrew Walsh.
“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.”
Iress hopes the new system will create capacity to invest in higher value services for members.
It is expected to reduce reliance on manual processes and minimise the associated compliance and business risks while allowing funds to focus their efforts directly on members.
“The super industry needs to evolve its transactional functions to be fully automated to further enhance the member experience, providing them with 24/7 access to their funds,” said ESSSuper chief executive Mark Puli.
“ESSSuper believes that, in partnership with Iress, we can deliver cost-effective automated services complemented by our locally based call centre and member engagement teams.”
An industry body has raised questions around whether experts engaged by AFCA to assist in case determinations against advisers are appropriately quali...
A listed dealer group has announced that one of its member firms will merge with a Brisbane practice under a new rebranded wealth offering. ...
APRA has approved IOOF’s acquisition of MLC’s NULIS Nominees in a decision that will create one of the largest wealth managers in Australia. ...