E11. Do funds Proportion of complaints to Regulator data Highly inappropriate indicator for this criterion, unless it is offer value for the Superannuation refined to relate only to insurance related complaints. money insurance Complaints Tribunal which products to are successful# (output) members? E11. Do funds Number of members that Member surveys; The indicator won't be equal across sectors, in that advised offer value for nominate beneficiaries fund surveys; members would be expected to almost always nominate a money insurance (input) research firms beneficiary whereas there's not the personal contact at the products to point of signing up a default member to ensure that this occurs. members? E12. Are the Insurance premiums inside Insurer Agree with this indicator provide that it is benchmarked against costs of compared to outside disclosures; minimum service standards for the industry. insurance being superannuation for like research firms "Like for like" may be an issue, given that members in minimised for policies (output) commercial retail funds are far more likely to be subject to high the level and cost underwriting than is the case in profit-to-member funds. quality of cover?
E11. Do funds offer value for money insurance products to members? Proportion of complaints to the Superannuation Complaints Tribunal which are successful# (output) Regulator data Highly inappropriate indicator for this criterion, unless it is refined to relate only to insurance related complaints. E11. Do funds offer value for money insurance products to members? Number of members that nominate beneficiaries (input) Member surveys; fund surveys; research firms The indicator won't be equal across sectors, in that advised members would be expected to almost always nominate a beneficiary whereas there's not the personal contact at the point of signing up a default member to ensure that this occurs. E12. Are the costs of insurance being minimised for the level and quality of cover? Insurance premiums inside compared to outside superannuation for like policies (output) Insurer disclosures; research firms Agree with this indicator provide that it is benchmarked against minimum service standards for the industry. "Like for like" may be an issue, given that members in commercial retail funds are far more likely to be subject to high cost underwriting than is the case in profit-to-member funds.
sub039-superannuation-assessment.docx