As competition increases for members' funds in the member choice market, superannuation fund managers need intuitive and flexible systems to manage their member administration and to provide customer service. To remain competitive, many funds now offer multiple product packages. However to provide individualised service to each member, the fund manager needs a single view across a member’s multiple products. The administration system also needs to be able to react quickly to competitive initiatives and legislative changes. Additionally, both members and their employers are looking for up-to-date and frequent access to their information through self-service options.
Hansen’s superannuation administration software system, Classic, has been designed and developed in Australia to comply with Australian superannuation and taxation legislation. Based on an object-oriented technology, it delivers the flexibility, responsiveness and rapid development required in the dynamic financial services environment.
Classic provides superannuation fund administrators a user-designed administration layer that gives access to functionality via a web interface, and provides a comprehensive administration platform to the fund provider via the desktop.
A member-centric solution, Classic allows for members to belong to more than one plan and be employed by several different employers via a single customer record. Members can access their records via a secure web facility to enable them to receive quotes and projections as well as make changes to their account information.
For employers, Classic offers the ability to register, maintain and terminate members via a secure web facility. Employers can also upload contributions and access a comprehensive list of reports via a secure internet link.
Classic provides a flexible and efficient solution for fund administrators looking to improve efficiency, reduce cost-to-serve, and remain flexible.