Australia’s Suncorp Superannuation has launched a new product, called Suncorp Brighter Super, to simplify superannuation for both the adviser and customer.
The new offering will have a diverse and well-priced investment menu, broad online capability, a rewards program, multiple integrated advice tools, and will be competitively priced, the company said.
Research suggests that although superannuation is the key source of retirement funding, yet 42% feel frustrated as they donot understand their super. The company said that offering a simple and value for money product with streamlined features will help boost engagement and connectivity with superannuation.
Suncorp executive manager of wealth Cathy Duncan said: "We took on board that customers want a more integrated experience with managing their wealth so we are building functionality that will enable customers to be able to view their super account balances alongside their Suncorp bank accounts either via the website or on their mobile through the Suncorp Bank app. We’ll be bringing this to market later this year."
"Being an online only product, customers can take a more active role in their super if they choose to, leveraging the new tools and functionality. We’re building an integrated advice capability with a variety of advice tools that will help customers navigate their super as well as facilitate when to seek assistance from a financial adviser. We have developed a rewards program where customers will have instant access to discounts from major retailers and on entertainment and travel. Advisers will also be able to create model portfolios enabling agility and efficiency in tailoring investment strategies for different customer groups," Duncan added.