Blog / Superannuation

Software as a Service is a major driver of superannuation funds transforming their business model. It lets funds focus on innovating services for members and the benefits digital technologies now offer whilst also being a great way to keep up to date with compliance requirements.

Super funds under management totalled $2.6 trillion assets at the end of the December 2017 quarter – all held within 29 million separate superannuation accounts across the country (ASFA March 2018).

Today’s name of the game is streamlining how to meet the needs of those 29 million members whilst delivering regulatory change, and Software as a Service (SaaS) is one of the more efficient ways to deliver a double whammy technology and business innovation roadmap.

The recently launched managed service model for IRESS’ Acurity is all about outsourced software and solutions delivery. It meets a range of needs for funds and their members and is an exciting new way for a fund to 100% digitally enable its business.

The cost of remaining compliant

For super funds to routinely meet compliance requirements, they need to understand and respond to the legislation to ensure their technology solution meets those needs – each and every time a legislative and compliance update is released.

In 2017, over 1,000 significant legislative updates were integrated into Acurity and this year super funds have to meet a broad range of legislative updates including the Member Account Attribution Service (MAAS), the Member Accounts Transaction Service (MATS), the First Home Super Saver Scheme and Downsizer contributions just to name a few.

A significant commitment is required by super funds to ensure any update is tested and implemented within its administration platform prior to the legislated deadline. The benefit of a managed service model for Acurity is we can now build in the cost of compliance which can lead to the automatic delivery of any platform updates. This helps to keep a fund up to date with its regulatory and compliance requirements. This also meets our goal to raise the bar on any type of straight through processing.

“The benefit of a managed service model for Acurity is the automatic delivery of any platform updates, which helps to keep a fund up to date with its regulatory and compliance requirements.”

SaaS ebMS messaging service innovation

We also recently launched an ebMS messaging service, a SaaS only solution for the super industry – delivering a cost effective, resilient and robust messaging solution that eliminates the need to use multiple system interfaces to send non-financial data to the Australian Tax Office (ATO).

The ebMS messaging service can be used across funds and different registry systems.  It’s our responsibility to keep it up to date with the way transactions are reported to the ATO. Super funds are only responsible for acceptance testing and staying focused on adding more value to member services.

“It’s our responsibility to keep it up to date with the way transactions are reported to the ATO.”

SaaS Re-defines Super Admin Technology for Statewide Super

One of the stand-out successes for super administration SaaS adoption is Statewide Super.

Statewide Super is now delivering a fully-flexible digital environment for member administration which has modernised online access, reporting and compliance via a managed service model for Acurity.

 

Linda Zeelie, Chief Operating Officer Statewide Super, says that the profit for members’ organisation is proud to partner with IRESS to deliver a state-of-the-art experience that includes a new member app to drive an enhanced mobile member experience.

 

“We focused on delivering the highest level of customer service and product offerings for our members. Acurity will now be seamlessly delivered and updated, ensuring we remain at the forefront of technology delivery for super funds,” says Ms. Zeelie.” 

 

Not only will Statewide Super benefit from improved reporting and compliance requirements, but Acurity’s managed service model places the responsibility for maintenance and updating of the technology platform on the team at IRESS, leaving Statewide Super to do what they do best – focus on safeguarding members’ retirement savings.

With the use of SuperStream combined with Acurity’s straight through processing, a significant portion of paper-based processes has been removed in communications between Statewide Super and its members.

With more than 90 per cent of its transactions automated, manual intervention is now only needed for regulatory requirements and special circumstances.

Using Acurity, Statewide Super members can now log on with any digital device and access a variety of communications options to assist them. This includes customer service logging in as the member and assisting in completing queries on their behalf in real-time or members viewing up to three years of super performance in one easy to read graph straight from a mobile phone.

The member service team at Statewide Super is transforming its outbound communications by delivering more relevant information via tailored notifications specific to a member’s demographics and lifestyle circumstances, replacing the ‘annual letter’ approach.

The Acurity Online administration portal enables members to transact online more easily. The latest version of Acurity Online will deliver the industry’s first integration of member online benefit payments, an example of this will allow Statewide Super fund members to submit their own online retirement withdrawals and have them paid directly to their nominated account.

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