E11. Do funds Funds’ use of member Fund surveys; case AIST member funds report that they consistently use member offer value for information to inform studies data such as age cohorts, account balances and the current money insurance product design and pricing#* investment patterns of members to develop their key products to (input) investment and insurance strategies. members? For example, one fund has an over-representation of female members of child-bearing age who take time out of the workforce, and so is particularly mindful of downside protection. Other funds provide varying insurance defaults tailored to the needs of members who are self-employed, or those likely to be in casual or contract employment who do not receive employment benefits like paid sick leave. E11. Do funds Comparability of insurance Reviews by others; Agree with this indicator. PC should engage researchers to offer value for product information research firms review insurance disclosures in PDSs. money insurance disclosed by funds (input) products to members? E11. Do funds Average insurance cover by Tailoring of insurance products by particular member types Research firms offer value for age band and market means that the averages will have little meaning in assessing money insurance segment (output) whether products offered represent value for money. products to members?
E11. Do funds offer value for money insurance products to members? Funds’ use of member information to inform product design and pricing#* (input) Fund surveys; case studies AIST member funds report that they consistently use member data such as age cohorts, account balances and the current investment patterns of members to develop their key investment and insurance strategies. For example, one fund has an over-representation of female members of child-bearing age who take time out of the workforce, and so is particularly mindful of downside protection. Other funds provide varying insurance defaults tailored to the needs of members who are self-employed, or those likely to be in casual or contract employment who do not receive employment benefits like paid sick leave. E11. Do funds offer value for money insurance products to members? Comparability of insurance product information disclosed by funds (input) Reviews by others; research firms Agree with this indicator. PC should engage researchers to review insurance disclosures in PDSs. E11. Do funds offer value for money insurance products to members? Average insurance cover by age band and market segment (output) Research firms Tailoring of insurance products by particular member types means that the averages will have little meaning in assessing whether products offered represent value for money.
sub039-superannuation-assessment.docx