27-28 September 2011, Melbourne:  GLiNTECH and ReadSoft sponsor Process Automation for Super Funds 2011 Conference

The Process Automation for Super Funds 2011 Conference had some very clear messages for attendees this year; legislative change is coming, be prepared and get your systems ready.

Philip Hind, National Program Manager for the SuperStream Project at the ATO outlined a clear strategy for the coming years.  Mr Hind said in Australia there are 33 million Superannuation accounts. With Superstream, the aim is to consolidate the accounts that are inactive into active accounts – this is estimated to consolidate up to 10 million inactive accounts.  

Since the consensus is that the Superannuation process is driven by employers, all real change in this industry will come about through legislative necessity. Therefore making the process easier for employers (in particular SMEs) is key to ensuring smooth transition for industry wide process automation as the ATO enforces change.

Key outcomes from the panel discussions and case studies included the importance of client portals, integration and process improvement in the back-end to eliminate paper and reduce errors. Most funds have begun their process improvements with rollovers and contributions. Even so, there is a lot of paper used in the industry and creating efficiencies in areas such as statement reporting will greatly change the back-end.

There was discussion amongst attendees that Proof of Identity and secure messaging would be the next topic of discussion at future conferences as TFN becomes the primary individual Identifier and electronic transfer of this information opens up risk for funds.

Other speakers over the two days included representatives from Superchoice, Telstra Super, GESB, Cuscal and Vision Super.

GLiNTECH have partnered with ReadSoft  to provide customers with end to end process automation – from Document capture through to web services integration of back end systems.

Read more about our Superannuation Industry solutions here.