The IFSA / Deloittes Future Leaders Question: Technology July 20, 2009

Below I have attached the question I have to address as part of the Future Leaders Competition. If you have any thoughts please, please leave a comment, any ideas or suggestions at tackling this subject would be welcomed with open arms.

Yours Faithfully, D

1. Leveraging technology

The Australian superannuation, funds management and life insurance industries have come under occasional criticism for not fully exploiting available and new technologies to improve consumer engagement, efficiency and transparency in the delivery of financial products, advice and services. What are some of our ‘best practice’ features? What are the barriers to greater efficiency and what are the priority opportunities?

Background

Australia’s financial services sector is reputed to be one of the most sophisticated in the world, with a superannuation system that provides investment and life insurance services to most Australian workers.

• What are some of the best examples of the industry’s use of front office and back office technology in the delivery of its products, services and advice? Examples might include automated underwriting systems for life insurance, unit pricing, online adviser systems etc.

• Consider what lessons can be learned from these examples and how these learnings might be applied more broadly throughout the industry.

• Consider areas where technology may not have been used to its full potential in improving efficiencies and engaging with customers. Why is this the case – are the barriers related to investment, coverage or regulation?

• Consider the opportunities that currently exist or may be coming on-stream for the industry to further generate efficiencies and engagement from use of technologies. Are there any lessons we can learn from overseas or from other industries?