Iress to deliver automated admin to ESSSuper
Iress will offer an automated administration service for superannuation funds to improve efficiency and member experience, it has been announced.
The technology firm has signed an agreement with Emergency Services and State Super (ESSSuper) to deliver the service called Automated Super Admin.
ESSSuper chief executive, Mark Puli said the super industry needed to evolve its transactional functions to be fully automated to further enhance the member experience to provide them with 24/7 access to their funds.
“ESSSuper believes that, in partnership with Iress, we can deliver cost-effective automated services complemented by out locally-based call centre and member engagement teams.”
Iress chief executive, Andrew Walsh, said the trend was to in-source operations closest to the super fund members such as contact centres and investment management.
“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,” he said.
Iress said the service would allow funds to:
- Deliver savings and sustainable efficiencies;
- Focus on core high-value services, leveraging IRESS’ technology platform, which was open and accessible through APIs;
- Reduce reliance on manual processes; and
- Focus their efforts on members.
Recommended for you
The Actuaries Institute has released a framework to help super funds deliver affordable guidance and advice to millions approaching retirement.
Labor’s finance minister has dismissed claims the government directs super fund investments after questions over Australia’s new US deal.
Australia’s average superannuation balance has climbed to a record high, with women’s savings share rising and reliance on the age pension falling.
APRA has softened several governance reform proposals following extensive consultation with banks, insurers, and super funds across Australia.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
