ESSSuper in digitisation deal with Iress
Super fund ESSSuper’s deal with Iress will reduce reliance on manual processes for its 132,000 members.
The nation’s largest open defined super fund, the $31 billion Emergency Services and State Super fund, has moved to digitise its back office operations through a multimillion-dollar partnership with listed Australian software company Iress.
ESSSuper and its 132,000 members will be the first client of a new Iress service called “Automated Super Admin”, which will reduce reliance on manual processes and leverage Iress’s technology platform.
Iress told the ASX the new service would also deliver savings and sustainable efficiencies, allowing capacity to invest in higher-value services for members.
It will also allow funds to focus their efforts directly on members, while Iress manages the technology, delivery and maintenance.
“The trend is for super fund operations closest to the member to be insourced. This includes member and employer servicing such as contact centres and investment management,’’ said Iress CEO, Andrew Walsh.
“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.
“Automated Super Admin will allow funds wanting to be highly automated to enjoy greater efficiency and deliver an improved member experience.”
ESSSuper CEO Mark Puli said it was important for the super industry to evolve its transactional functions to be fully automated to further enhance the member experience, providing them with 24/7 access to their funds.
“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,’’ he said.
Earlier this year the fund launched an online tool allowing its members to estimate how much super they would have for their retirement.
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