Page 10 - One Green Leaf Design

WE PRIDE OURSELVES ON OUR TAILORED SERVICES
SUPPLEMENTARY PAPER 2: IFAA DIGITAL STRATEGY
Over the last 12 months, IFAA has systematically examined every aspect of its business model in the search for ongoing improvement and e iciency in its value proposition.
This review has been undertaken within the auspices of the strategy articulated in August 2016. That strategy has added support to the Group’s longer term e orts to optimise our administration services.
IFAA identified four key areas of strategic focus in the August 2016 strategy:
Get Fit – IFAA recognised the need to address aspects of its cost base to ensure it had the capacity to continue to invest in new capabilities and contribute to clients needs to reduce fees and enhance value to members.
Be Focussed – IFAA identified the need to recalibrate its focus on the emergent needs of its customer base and to reshape it proposition as it entered a round of client contract renewals and sought to position itself in a new light to potential clients.
Shift Gears – The opportunity existed to seek out better ways of doing what we do – faster, safer, more reliable administration. The first phase of this endeavor was to deliver here and now improvements in e iciency and performance. The second phase involved identification of new ways to achieve further improvement.
Majors – IFAA set a goal to ensure that as we compete for the re-contracting of existing business or seek new mandates, we had to ensure we were able to present a case every bit as compelling as the large administrators – notwithstanding the size di erential.
Indisputably, IFAA has made significant progress in the execution of this strategy. IFAA’s financial performance has improved substantially even allowing for a significant uplift in investment and fee reductions for clients. We have a much sharper articulation of where the company is headed, how we are going to get there and how our proposition is di erentiated from competitors. There has been a quantifiable change in performance levels. We are delivering faster service times and have actioned a number of initiatives to deliver even better outcomes. As this response proposal to Energy Super’s RFP demonstrates, IFAA is now competing as well as anyone.
The Energy Super RFP highlights a desire for a fund administrator who “is, or is close to, providing a full digital solution by default with a clearly articulated digital strategy”.
A significant part of the focus on shifting gears and competing with the ‘majors’ has been the further definition and articulation of IFAA’s digital strategy. This document sets out that strategy and its application to Energy Super.
The following section elaborates on IFAA’s digital strategy and how it will fundamentally change the organisation and its product o erings into the future.
Digital By Default – Personalised by Design
The phrase ‘Digital by Default – Personalised by Design’ captures the essence of IFAA’s digital strategy heading towards 2020 which is a core value proposition for Energy Super. The focus of the strategy is to increase the delivery of quality services to our customers and specifically to our customers’ clients (members, employers, advisors and other key stakeholders in the fund) through a comprehensive transformation of our business.
Aligned Business
IFAA is already on a path of transformation through a revision of its business operating model - see Figure 1 overleaf. A key component of the revised model is the establishment of a ’partner ecosystem’ as a means of responding more quickly to customer demands and maintaining pace with industry and technological advancement.
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h. Digitisation of non-digital communications, transactions and applications
IFAA can provide a faster and more e icient outcome to Energy Super and its members through the digitising of non-digital communications, transactions and applications through the ‘Aramis: Workflow and Case Management’ system.
Aramis works with OCR and ICR technologies for scanning and digital recognition of the relevant elements of the fund (member, account, employer, etc.) for retrieval and reporting. Aramis can also be used to collect interactions with the member via the contact centre to provide a digital representation of all member touch points. This provides total visibility of communication with the fund’s members.
i. Ability to separate transaction reporting by medium type (paper, email, online, and phone)
The reporting that comes standard with ‘Aramis: Workflow and Case Management’ includes the capability to either group data by type of workflow (benefit payment, beneficiary nomination, etc.) or by type of contact (letter, email, phone, etc.) or by a combination of the two. For example, what types of contact were made for beneficiary nominations over the last two months? This data is available either directly or via accessible, real-time reporting processes so the fund can look at and explore this data.
IT IS BEYOND A DOUBT THAT ALL OUR
KNOWLEDGE BEGINS
WITH EXPERIENCE
Immanuel Kant
75 Q9