It’s been quite the year for super funds. We’ve all felt the crunch industry wide as we’ve scrambled to meet the Protecting Your Super (PYS) requirements and deadlines. And now we’re looking down the barrel of the Putting Members Interests First (PMIF) reforms with the added burden of significant regulatory fatigue.
But does it have to be all panic and mayhem? Could we not flip the reform on its head and look at it as a significant member engagement opportunity? Here at Transform we enthusiastically say yes and here’s why.
Member Retention and Education Opportunities
PMIF presents us with a unique member retention campaign opportunity, as well as a significant member education piece that may have otherwise been skimmed over in the past. It gives us that much needed nudge to really think about the members impacted by the PMIF reform, look at how we communicate to them, with what messaging and through which channels.
The under 25 cohort provides an opportunity to engage and educate a traditionally disengaged audience. The PMIF reform has a direct and immediate impact on them, unlike retirement, which is a lifetime away. It is our job to ensure we effectively reach and engage these members to drive the best member outcomes.
The same goes for the group with an account balance under $6,000, which will be most members on joining, unless they roll in funds. Another great chance to engage and educate them around insurance in super with relevant and targeted messaging, as well as position other relevant calls to action around the communications. Consolidation anyone?
There’s also the need to look ahead strategically. Specifically around your new member onboarding journey and how you educate members about insurance in the post PMIF world come 1 April 2020. Super funds can build on their already established new member onboarding journey with additional segmented touch points, that incorporate targeted messages around insurance and supporting educational articles and/or videos. Or build a new member onboarding journey with the added PMIF complexities in mind – thinking about what differing messages go to which groups that ensures members are adequately educated and informed to make decisions that best suits their individual needs.
ASIC has been doing their own work around PMIF and a recent ASIC media release and letter to trustees stresses their expectation of Funds to improve the standard of their communications to members about the reforms. The expectation being that communications be developed with the member’s best interests as the number one priority.
It’s a big piece of work and there’s a lot to consider, with a number of internal and external stakeholders to engage. Plus there’s more to the picture then what’s mentioned above, you’ll also need to implement PDS updates and Insurance Change SENs.
Based on our experience across a number of funds, we’ve done the groundwork developing a high-level Marketing and Communications Strategy for the PMIF reforms that takes into account the complexities of the compliance requirements. We believe a robust, yet flexible communications calendar is needed that includes a variety of tools and mediums to maximise reach and better engage and educate your members around PMIF and insurance in super. Your current new member onboarding program needs to be assessed and the new variations to the segmentation identified and their targeted communications developed and implemented. All while you action the required updates to your PDSs and the Insurance Change SENs.
The key communication focus across all of these elements being the requirement to provide members with the most balanced and factual communications, allowing them to make informed decisions that best suit their needs, while at the same time ensuring it’s engaging and educating.