The discussion began by providing a brief recap on some of the key features of the code, before it quickly progressed with the panel zeroing in on insurance in super.
Glen McCrea, Deputy Chief Executive and Chief Policy Officer of the Association of Superannuation Funds of Australia (ASFA) talked about some key elements of this, such as claims handling, lodgement and claims assessment processes and dealing with complaints.
Dana Clarkson, Senior Manager of Insurance and Member Services from Prime Super noted that she doesn’t believe the code is going to make a huge difference for their members. She also mentioned that a lack of member engagement remains an issue and consequently an area of focus for her team moving forward.
“We need to educate them at the right time through the right channels,” she said.
Adrian Rees, General Manager of the Australian Prudential Regulation Authority (APRA) said they welcome the code and believe it’s a positive step for the industry, however there are a few areas for further work to be done. In particular, this includes the issue of multiple accounts, ensuring we aren’t eroding member benefits and having clearer definitions around things such as TPD.