Automated Super Admin
Technology company Iress has launched an automated superannuation administration service - called Automated Super Admin - designed to improve and automate more steps of the administration process for superannuation funds.
Iress says the service could save funds up to 50 per cent on a full administration service - where things such as call centres are outsourced - freeing up resources to reinvest and in-source those things they want to be close to members.
"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 chief executive officer, Andrew Walsh, said.
The $31 billion Emergency Services and State Super (ESSSuper) has already signed up to the service.
“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," ESSSuper chief executive officer, Mark Puli, said.
The service will provide funds with a transactional and record-keeping platform, including real-time access to transactions and data for members, employers, advisers and the fund’s service teams through an online portal.
It also automates straight-through and exception-based processing for back-end administration and provides a SuperStream gateway.