Fok revealed that media reports and regulatory actions lagged behind Cbus' internal measures to rectify these problems. While affected members have been compensated, he noted that financial redress might not fully account for the distress experienced by individuals and families. Collaborating with its administrator, MUFG, the fund has focused on enhancing customer service training and case management while advancing its transition away from outdated paper-based processes.
The remedial actions include exploring alternative payment methods and simplifying claim processes. Recognising the need for improved transparency and efficiency, Fok highlighted efforts to overhaul the fund's website, which initially lacked clear guidance for members making claims. Additionally, there is an ongoing collaboration with TAL to integrate digital technologies aimed at refining decision-making processes.
Nonetheless, these enhancements entail significant costs, and balancing regulatory demands for cost reduction with service improvement remains an industry-wide challenge. Fok emphasised the importance of streamlining operations, asserting that reducing unnecessary administrative steps would benefit both members and the fund's financial health. He advocated for technology investments that, although initially costly, would ultimately enhance member experiences and fulfill the fund’s core mission.
Insurance remains a defining feature of Cbus, particularly for members in high-risk professions. The Dangerous Occupation Exception underlines this commitment, enabling continued insurance coverage for members under 25 or with balances below $6,000. This initiative has facilitated the disbursement of over 1,150 claims amounting to $150 million, benefitting predominantly young families.
The commentary comes amidst organisational changes, with the recent resignation of Deputy CEO Marianne Walker, following other executive departures. Acknowledging Walker's contribution, Cbus expressed its gratitude and extended best wishes for her future endeavors.
Moving forward, the fund aims to sustain its legacy of providing valuable superannuation services, addressing evolving member needs alongside its partners, TAL and MUFG. As superannuation schemes achieve their foundational objectives, adapting to the complexities of today’s claims environment remains a critical focus for Cbus and the broader industry.
