Government & regulation

Insurance in super: turning data into outcomes

12 March 2021

Recent changes to superannuation laws have created many immediate pressures and opportunities for trustees. One opportunity trustees have now is to think holistically about their systems and processes: can they be improved to deliver better outcomes for members and avoid poor outcomes that may only become apparent years down the track? JANE ECCLESTON, ASIC’s Superannuation Senior Executive Leader, discusses some of ASIC’s recent work on insurance in superannuation and how trustees can use data to improve the insurance they provide to members.

A lot is happening in insurance in superannuation. In just the past couple of years, trustees have had to implement the Protecting Your Superannuation Package and Putting Members’ Interest First reforms, adjust to the impacts of the COVID-19 pandemic, undertake the first iteration of annual member outcomes assessments overseen by APRA and have also moved towards aligning their practices with the Insurance in Superannuation Voluntary Code of Practice. And more developments are on the horizon, including the design and distribution obligations (DDO) and updated internal dispute resolution requirements. During this time, ASIC’s work in insurance in superannuation is shining a...

Login to continue reading

Login

Not sure if you have an account?

Check