Customer Journey Research: Insurance in Super for ASIC
How well do super funds meet members’ insurance needs?
The Australian Securities and Investments Commission (Asic) asked Susan Bell Research to conduct qualitative exploratory research to understand the experiences of superannuation fund members who ‘engaged with’ their insurance. ‘Engaged with’ means contacted the fund or used the fund’s online resources or the fund’s app to seek information or action about their insurance.
You can read the report that Asic produced can be found here – https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-673-consumer-engagement-in-insurance-in-super/
Key insights:
The report describes why members engaged with their fund about super, what they wanted to achieve and how well they achieved it. This included:
- Reviewing their insurance in their super
- Increasing or decreasing their cover
- Cancelling some or all of their insurance
- Changing the occupational classification within their cover
- Checking or comparing their insurance cover before switching or consolidating funds.
We discovered what works well for members, what doesn’t and what could help them more. We can discuss these findings with you. Just contact Sue
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