Insurance in superannuation

ASIC has released the report we wrote for them about the experiences of superannuation fund members wanting to make changes to or seeking information about their insurance in their super. The report can be accessed here.

This report illustrates on of the key themes we are seeing in all our financial services research: the dynamic between a desire for self-service on the one hand, and the need to understand complex information on the other.

People who could get the information they wanted and do what they wanted to do all on the fund's website generally found the process easy. They gained a sense of being in control. However, others found the process disempowering, with many people not completing the task they set out to do. About half of our sample did not complete the task they had set themselves. 

Many of the problems experienced by members could probably have been avoided if the member had known where to find the information that they needed on the website. We found that ease of access varies between funds, making some very straightforward tasks difficult or time-consuming to complete. Members need help understanding  the differences between the insurance products on offer and tools to help them work out how much cover they need and how much it would cost.  


Contact This email address is being protected from spambots. You need JavaScript enabled to view find out more.

Tags: Design and distribution obligations

For a quote or a confidential discussion about your research needs