How AI-powered automation will reshape Australia’s Superannuation sector

Faced with increasing competition and a tightening regulatory environment, Australian superannuation firms are examining how automation and artificial intelligence can help them retain and grow their market share.

The emergence of generative AI tools such as ChatGPT and Microsoft Copilot is providing firms with exciting new possibilities. They offer new ways to interact with large data sets and deliver compelling services for fund members.

AI-powered automation can tackle the tedious administrative burdens that plague many large super funds. Claims processing, contribution tracking, and member data management can be streamlined, thus freeing up human resources to tackle higher-value tasks such as personalised financial advice statements and investment strategies.

These new tools can also make the task of creating these strategies easier for staff. Rather than needing to start from scratch, elements can be drawn from previously written documents and combined to create new and unique outputs.

This, in turn, translates into cost savings, increased processing speeds, and a significant reduction in human error. Fund members benefit from improved response times and better returns on their investments.

The importance of high-integrity data

To achieve these benefits, superannuation funds must also ensure the chosen AI and automation tools are being provided with high-integrity data. This is a core element needed to support efficient business functions and the delivery of value for fund members.

To ensure data integrity is maintained at all times, it is important that funds understand exactly where it is coming from and that it has been captured in a consistent way. It’s also essential that the fund understands where all retained data it is being held and that effective security measures are in place.

The task of data validation is another area in which AI tools can add significant value. By automating what were previously manual tasks, the chance of errors can be reduced and data integrity maintained.

The end result will be that funds will have a single source of truth when it comes to member data. This will remove the challenges caused by data silos and ensure a consistent view of each member is available to staff across the organisation.

This is particularly important in light of new regulations such as APRA’s prudential standard CPS 230 which emphasises operational resilience. Having all data centralised and protected will ensure funds continually meet these requirements.

Streamlining customer service

Superannuation funds are also examining ways in which AI tools can help to streamline and improve services to members. By acting as a virtual assistant, they can help staff members complete tasks more quickly while also enhancing their output.

For example, if a customer service agent needs to draft a complex letter covering a range of subjects for a member, an AI tool can peruse all relevant data and create an initial draft. This can then be reviewed by a human before being sent to the member.

These processes will be further enhanced as AI tools are integrated more closely with existing software applications. For example, integration with Outlook could allow the AI tools to assess previous communication interactions and create the draft letter in an appropriate context.

Maintaining effective cybersecurity

As the usage of automation and AI tools grows across the superannuation sector, it will be important for firms to maintain their focus on cybersecurity. The increasingly interconnected IT infrastructures now being used are a tempting target for cybercriminals intent on causing disruption and losses.

As well as having protective measures in place, super firms should also consider having a suitable cyber insurance policy in place. Among other things, this will ensure that the firm can gain rapid access to the external resources that will be required should an attack take place.

Experience shows that being able to respond quickly can help to limit data loss and damage to core systems. This, in turn, will allow the firm to resume normal operations as quickly as possible and limit the impact on members.

Having access to external resources will also assist a fund to adhere to the rigorous reporting requirements associated with a cyberattack. As well as keeping regulators informed, funds must also be able to quickly and clearly communicate with members about what the attack means for them.

An AI-powered future

While it’s clearly early days, it’s already apparent that AI and automation will deliver significant value to superannuation firms of all sizes. By streamlining processes and acting as a proactive assistant, AI tools will enhance the productivity of staff and the service delivered to members.

As the capabilities of the technology increase over time, its ability to deliver compelling support will grow. Just as developments such as computing and the internet reshaped the sector in years gone by, so too will AI usher in foundational changes in the years ahead.

Data Landscape and Maturity Assessment

Tecala’s Data Landscape and Maturity Assessment (DLMA) is the first step in ensuring effective use of your data. In a three-step approach we assess the current state of your data, formulate the future state based on your goals, and provide a gap analysis between where you are now and where you need to go.

Tecala’s 3-step approach

  • Current State: Review the existing state of your data and how it’s currently being used.
  • Future State: Identify how it needs to be used in the future.
  • Gap Analysis: Deliver a gap analysis of the landscape between the two states.

Key outputs:

  • Tecala’s DLMA provides a 360º view on the intended use of data within your organisation.
  • This includes a strategic technology roadmap (STR) of projects with cost and duration estimates required to transform and elevate your use of data.
  • We’ll show you where your data can be used to deliver the outcomes you need, while complying with your own governance standards and relevant regulatory requirements.
  • We take into consideration your people, processes, data landscape, organisational vision, and mission, as well as looking at your cultural and ethical guidelines around how you should and shouldn’t use your data.



The Australian Super Industry is gearing up for Microsoft 365 Copilot

With the promise of unleashing creativity and productivity, Australian Super organisations are getting in early in the Microsoft 365 Copilot Early Access Program.



Is your organisation ready to unlock the potential of your data?

Our Data Landscape Maturity Assessment is the key to unlocking the potential of your data, so it drives your automation and AI.