Super Genome Project Launches - Mercer Australia Newsroom

Super Genome Project Launches - Mercer Australia Newsroom

Mercer launches ‘new school’ era with The Super Genome Project

  • 23 November 2015
  • Australia, Melbourne

 

  • Mercer has reimagined superannuation in an age of consumerism and industry disruption.
  • Business transformation has led to hundreds of customer journeys and processes redesigned: less paper work and less complexity for members
  • Five new cutting-edge,  interconnected customer platforms


The  superannuation industry stands at a crossroads in a competitive,  consumer-driven era where funds can either stay the course, or adopt a ‘new  school’ approach and not only thrive, but grow in an environment of immense  change, according to Mercer.

This critical  juncture in the industry, an inevitable impact of increasing competition and  disruption, has been the catalyst for a transformation of Mercer’s super  administration business, the Super Genome Project.

The Super Genome Project has involved two years of business transformation, product innovation, investment in  technology and building the customer service capability of our people to shake  up the way Mercer interacts with and serves customers and corporate clients.

Super Genome is  a shift from an age of administration to an era of engagement. The simple fact  is that the way super is currently being delivered is ‘old school’: transaction  focused, rigid and inflexible, not geared towards growth and lacking vision.  

The customer is  central to Mercer’s ‘new school’ approach, which is being driven through digital  transformation, customer management, marketing automation, a renewed operating  model and workforce management.

In launching the  project, Mercer’s Financial Services Business Leader in the Pacific Market,  Andrew Godfrey, said, “Super administration as a record-keeping service is no  longer a sustainable business plan; administrators have to partner with their  clients to achieve growth in an increasingly competitive industry.

“The industry  has historically underinvested in administration, but this will change for  players who want to achieve profitable and sustainable growth.

“Technology continues to  challenge traditional business models in the superannuation industry. As new  competitors enter the market they have the potential to disrupt the super  industry as we know it. The need for a technology-driven, service-oriented  business model is heightening.

“The statistics clearly show the challenges  super funds face in engaging members. The average Australian spends 535 hours  playing computer games each year compared to  eight hours engaged with their super .

“However, disengagement shouldn’t be confused  with an audience who will not respond to a more personalised and meaningful  service, delivered with the right technology and channels, when and where they  want it.”

Mr Godfrey said gaining  a market edge in an increasingly competitive industry meant super funds could  engage in battle of prices, or differentiate themselves in the market.

“Price wars are  good for buyers in the short term, however in the long term it cuts into profit  margins and threatens the survival of the business. A more sustainable future  is developing the customer experience and investing in complementary new  technology.”

“Integrating the superannuation customer  experience - from first point of contact through to financial advice - is  achievable, despite long held industry beliefs, and we’re demonstrating it  every day.

“We’ve replaced the industry one-size-fits-all approach  with a completely customer-centric model where every single individual sits at  the heart of the interactions and experiences we  create, and we think it will differentiate us in the market.”

The Super Genome Project has seen the  rollout of a range of programs to enhance the customer experience capability for its  superannuation clients and customers, including:

  • Mercer Edge, a data-driven analytics,  marketing and strategy platform for super funds
  • Deploying the world leading CRM enterprise solution, salesforce.com,  complemented by new sales and marketing automation tools
  • A new member registry integrated with world-leading customer  experience tools
  • New digital capability offering a contextualised and mobile first  experience
  • One of the broadest range of multi-manager investment solutions in the  market with products catering to customers and institutions with a wide variety  of objectives, risk profiles and tax status.

 

Mercer’s investment in redesigning super  administration will mean:

  • Hundreds of customer journeys and associated processes redesigned:  this means less paper work and less complexity for members,
  • 3 legacy systems eliminated
  • 5 new cutting edge interconnected customer platforms
  • An infinite range of new customer experience options available to  clients

 

ENDS


About Mercer

Mercer  is a global consulting leader in talent, health, retirement and investments.  Mercer helps clients around the world advance the health, wealth and  performance of their most vital asset—their people. Mercer’s more than 20,000  employees are based in 43 countries and the firm operates in over 140  countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global  professional services firm offering clients advice and solutions in the areas  of risk, strategy and people. With 57,000 employees worldwide and annual  revenue exceeding $13 billion, Marsh & McLennan Companies is also the  parent company of Marsh, a leader in insurance broking  and risk management; Guy Carpenter, a leader  in providing risk and reinsurance intermediary services; and Oliver  Wyman, a leader in management  consulting. For more information,  visit www.mercer.com.au Follow Mercer on Twitter @MercerAu

 

1 Bond University, 2015  

2 Deakin University, 2014

CONTACT INFORMATION