ASFA Spotlight on Insurance in Superannuation

Spotlight on Insurance in Super
Shaping the future

Sheraton Grand Sydney Hyde Park

Thursday 2 June 2022, 9.15am - 6.20pm AEST


With insurance in super in the regulatory crosshairs, and a possible Productivity Commission review in the wings, the 2022 Spotlight on Insurance in Super comes at a critical time. This is an opportunity for the industry to get together (face-to-face) to establish an agenda for retaining and improving the group insurance offering.

We'll be targeting:

  • Global perspectives on insurance benefits and mental health claims issues
  • Forging a new identity for insurance in super
  • Comparability of products and benefits
  • Insurtech and delivering better member outcomes
  • Regulation and compliance – the impact of YFYS and stapling, and SPS 250 compliance
  • TPD – can we make it more flexible?
  • Accessing and integrating data for better insurance offerings.

Hear from global and local experts as we strive to create solutions valued by all parties – government, regulators, funds, insurers, and members.

Program details

9.15am – Registration
9.45am – Opening remarks
9.50am – Session 1

Benefits, efficiencies, improvements

Can we quantify the economic and social benefit of providing group insurance through superannuation? This landmark piece of research, conducted by Deloitte on behalf of ASFA and with the support of all Australia’s major group insurers, is set to inform the future trajectory of insurance benefits provided to members.

The research addresses the impacts of coverage gaps, design and structural changes, creating optimal or ‘smart’ defaults as well as the big ticket items for government such as impacts of improved labour force outcomes. It will look at ways we can reduce the significant level of underinsurance in Australia or at the very least stop it getting worse.

Through a cost-benefit analysis this research, presented by Deloitte, will provide the most up-to-date and comprehensive look at what is being delivered within insurance in super, the key opportunities and improvements to be investigated and key actions that will underpin an ongoing insurance offering.

10.40am – Session 2

Insurance in the pension system – a global view

Australia is not the only nation to incorporate insurance benefits into pension systems. The 2021 Mercer Global Pension Index research included a question on insurance offerings and four of the top five-ranked countries confirmed they were included – Australia, the Netherlands, Denmark and Israel.

This session will examine the functionality of the Dutch pensions system to see what we can learn from their experience. The session will also explore the latest developments in group insurance globally including innovations associated with the wider holistic support and service being provided by insurers especially in the area of changing claims profiles where mental health is now a major factor.

11.25am – 11.45am - Morning tea
11.45am  Session 3

Data: Is more data the answer to insurance in super?

More data has been considered the holy grail that will allow insurance in super to be tailored to individual members? To achieve that, funds need data but when juxtaposed with low member engagement, how do they do it? More data may allow better risk profiling by insurers that may in fact challenge the concept of pooling as we know it today so is it beneficial for the member?

This session featuring insurers and super funds will examine the pros and cons of more data.

12.25pm – Session 4

The regulatory imperative

What do funds need to know to respond to SPS 250 and SPG 250 to be compliant by 1 July? Funds are on notice that they must demonstrate robust decision-making in the negotiation and ongoing review of insurance arrangements and protect members from potential adverse outcomes caused by any conflicts.

Some key elements of this standard and practice guide include the need for funds to strengthen data management to improve analysis of member outcomes across different cohorts. Further, what are the implications of the enhanced prudential guidance in SPG 250 that facilitate easy opt-out of insurance for members and ensure premiums do not unduly erode members’ retirement incomes.

1.10pm – 2.00pm - Lunch
2.00pm  Session 5

Supporting members for life

The Retirement Income Covenant has focused attention on what funds need to do to evolve super and the benefits it can provide members through all their life stages. What role could insurance play in developing retirement protection alongside life risk? How could this feed into solution design? Can it be achieved within current regulatory constraints? What needs to be considered from an advice perspective?

As the industry looks to drive a cohesive future for insurance in super and provide value for members up to and including retirement, what is the new proposition and how will it enhance the member experience, ensuring individuals can make informed decisions on cover today and into the future.

2.45pm – 3.30pm Session 6

Mental health – taking the right action

A World Health Organisation report in October 2021 quantified the world is falling behind on investment in mental health services at a time when the claims funnel is being filled by COVID and a host of other pressures. So, how can funds and their insurers help members?

In this session, we will look at the innovations coming to the fore in insurance to meet growing demand, particularly in the workplace for better mental health coverage. McKinsey research indicates that COVID alone could result in a potential 50 percent increase in the prevalence of behavioural health conditions.

How are other jurisdictions handling mental health? What are they seeing in terms of exposure trends and triggers translating into claims? What are the implications for funds and insurance in super of a significant tail risk? What can funds take from the international experience to put improvements and enhancements on to the Australian agenda?

3.30pm – 3.50pm - Afternoon tea
3.50pm – 4.35pm Session 7

The future of TPD

What insurance products should be included within super? TPD and IP have long been key benefits but should they be included in future structures?

The growing incidence of mental health claims is putting pressure on the practice of TPD lump sum payments. Should there be another definition within TPD? A different benefit? Does TPD need to be made more flexible and where does IP fit in? If we had a blank page in trying to design what TPD would look like, what would we put forward?

4.35pm – 5.15pm Session 8

What can Insurtech do for us?

InsurTech offers a wealth of possibilities but how can super fully take advantage? What needs to happen so that technology can ultimately deliver great outcomes for members?

This session will look at how fund administrators and insurers are looking to use insurtech on creating solutions to pain points, particularly around claims.

5.15pm  Closing remarks
5.20pm – 6.20pm - Networking Drinks

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Event details
Thursday 2 June 2022
9.15am - 6.20pm AEST


Price (inc GST)

Member: $849
Non-member $1104

Member table of 8: $5,776 ($722pp)
Non-member table of 8: $7,504 ($938pp)


Sheraton Grand Sydney Hyde Park

CPD Points

This event qualifies for 6 Continuing Professional Development (CPD) points for members of ASFA’s Professional Accreditation Program.

Gold partners

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Silver partners

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Lanyard partner