How we support Trustees
Supporting Trustees with Member Advocacy
The Insurance in Superannuation Voluntary Code of Practice has placed additional responsibilities on Trustees – specifically around member claims.
The challenges place capability and capacity constraints on some Trustees. AFRM Claims Advocacy (ACA) recognise the Code obligations and work with Trustees to solve these challenges in a way that ensures the Trustee maintains its advocacy role of members.
Creating an alternate to lawyers for members
Given the "trust deficit" in the industry, Trustees are experiencing more members seeking legal involvement with claims.
ACA's proposition helps educate members about insurance and the claims process. At the time of claim, members seek ACA's / Trustees services to advocate for them in place of seeking lawyer involvement in the claim.
Supporting Vulnerable Members
Section 6 of the Insurance in Superannuation Voluntary Code of Practice, increases the onus on Trustees to support their vulnerable members.
As a member experiences one of life's challenges, ACA's Network Support Service proposition identifies the member's stressors (housing, domestic, financial, social, mental health etc); the relevant community help available and empowers the member to leverage the community support.
In addition, to demonstrating social responsibility, the Trustee minimises superannuation outflows, potential litigation (claims), improves retention, new business and their brand. More importantly, Trustees are helping members cope and build their financial and emotional resilience.