POWERED BY MOMENTUM MEDIA
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
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
