Group insurance in super is facing, arguably, one of the toughest times in its existence. Pricing pressures, high claims ratios, and new regulatory expectations are combining to threaten the very sustainability of this valuable member benefit. So, where do we go from here?

The industry must disrupt itself or be disrupted. It must innovate to thrive. We need to identify the problems and work together to come up with solutions for a pathway forward.

Because millions of Australians are counting on us.

This week’s ASFA Spotlight on Insurance event will look at how we can develop a new paradigm, through putting ourselves in our members’ shoes.

Actionable learning to help you meet the demands ahead

Thursday’s full-day event features an insightful program with international and local speakers chosen specifically to address critical issues and provide some practical and actionable learning tips and perspectives. This will be delivered in a variety of formats including presentations, case studies, panel discussions and group workshops.

Topics and speakers under the spotlight

Session One. AI – will it be a ‘super’ advantage for your fund?

Artificial Intelligence engineer, futurist, and author George Zarkadakis will explore key uses of AI in insurance in super. Citing successful European organisations’ collaboration for AI solutions, he looks at how funds can get the right data to ensure insurance offerings are fit-for-purpose.

Session 2. What does disruption look like?

David Hollander Board Director and former Global Insurance Leader, EY will draw on his 35+ years expertise in insurance, technology and professional services and an international case study to look at ways an insurance product offering has evolved to meet needs and deliver value. He’ll further discuss with ASFA CEO Dr Martin Fahy what we can learn from the findings.

Session 3. A single source of truth

Data remains a huge issue for the industry, especially in helping design and determine the group insurance offering. Jenni Baxter, Partner, Deloitte will explore, with MNC’s Matt Noyce, a case study of how funds have gone about transforming their data, as well as some best-practice ideas of how insurance providers can tackle this perennial problem.

Session 4. What regulators want

A raft of regulations—some insurance specific and others with impact on the insurance in super offering—are coming into effect this year, or on the legislative agenda. ASIC’s Jane Eccleston and APRA’s Adrian Rees will share their latest thinking, and delegates will be invited to submit questions via Chair, BT’s Melinda Howes, in an interactive and informative session.

Session 5. What’s the alternative?

What would alternative models in group insurance look like? Can optimal products be developed at the right pricing? Can default insurance target different member cohorts and adapt to changing personal circumstances?

The panel—David Evans from Aware Super, Adrian Fortescue from Colonial First State, TAL’s Jenny Oliver, and the Chair Mercer’s Jo-Anne Bloch—will set the scene and identify some of the key problems facing the industry. Working with the delegates via table discussions, this interactive session is designed to explore the problems but also develop big picture solutions and alternatives; all by putting ourselves in our members’ shoes.

Session 6. Stapled to poor outcomes?

If the Government’s stapling provisions come to pass, what would the likely implications be for members, particularly those who start their superannuation journey at a young age, or in a different industry? Will members achieve cover that provides a true safety net? The panel comprising Robbie Campo from Cbus, Sean Williamson from MLC Life, and Chair Sarah Penn from Mayflower Consulting will discuss in detail.

Session 7A. Mental health – what we can learn, how we can do better?

Joel Clapham will share his very personal journey and identify what the industry should be looking at to approach mental health claims “with heart” and deliver the very best possible outcomes. At 16, after losing him father by suicide and, desperate to avoid the same fate, Joel chose to seek and accept help and treatment to survive and thrive. Now a writer, performer and studying to become a social worker in mental health, Joel’s firsthand insights will help us address what we can be doing better to help members during difficult times.

Session 7B. Super’s response to mental health needs

Rising mental health claims were an issue before the pandemic and there is likely to be a significant tail risk to come. The panel—Joel Clapham from Hearten Up, Sherisse Cohen from Mindfulthinking, AIA Australia’s Simonie Fox and Chair Kristin Stubbins from PwC—will look at the global experience in mental health, the current advocacy at play for the most vulnerable and how super should look to respond.

Session 8. Innovate to thrive

Keynote speaker George Zarkadakis will join the panel live via video link from Zurich with Darren Wickham, Zurich’s Head of Group Insurance and Natalie Binns, General Manager Insurance solutions, REST to unpack the use of technology in insurance in super. Looking at what’s working, what’s in train and where the industry could potentially innovate in this space – this will all be through the lens of the potential benefit to the member.

This event is designed for superannuation fund trustees, c-suite executives, compliance and risk executives, operational heads and managers, as well as group insurance experts. If you are passionate about helping insurance to thrive, don’t miss ASFA’s Spotlight on Insurance this Thursday 3 June 9,39an – 5.30pm AEST. Register now.