Meet our partners: Tristan Reis-Freeman

The TAL group insurance partner community brings together leaders from across the superannuation sector. We’re fortunate to be able to draw from the vast experience and diverse perspectives of our partners. This month we catch up with Mine Super, Chief Strategy Officer, Tristan Reis-Freeman to talk about the importance of insurance tailored to member needs. He also shares insights on changing administration model and provider in the backdrop of a merger.

You’ve been at Mine Super for more than 7 years now. What are the changes you’ve experienced in the sector over this time?

There has been significant change in the industry landscape over such a brief period. The change has been underpinned by greater competition and consolidation, and regulatory reform. We’ve also observed that member expectations and behaviours have shifted and people are becoming increasingly engaged with their super.

The merger fever in recent years has arguably changed the sector the most. We’ve seen funds become significantly more competitive, with members generally better off, and more investment into retirement solutions (and outcomes), and services to members. Much of this has been driven by scale benefits yielded by funds with a common purpose coming together.

How important are insurance options tailored to the needs of people working in mining?

Workers in high-risk occupations, including mining, can find it difficult to obtain the type and level of cover they need. For example, in the retail market, these workers may be presented with cover exclusions and limitations or may not even have access to cover.

At Mine Super, we think a bespoke offer is extremely important to address these challenges. While there have been improvements across the industry to reduce barriers to obtaining cover, and limiting exclusions, miners and other workers in higher risk occupations face unique risks and have different insurance needs.

Our cover is designed not just in consideration of members but in collaboration with them. We seek and use feedback to inform the type and level of cover we offer including any benefits or special provisions, to help define what affordability looks like. This helps ensure members pay for the things they want and need and that we’re not provisioning things our members don’t value.

You are in process of a merger, what are your key learnings and how has insurance featured in this?

One key piece of advice for merging funds is to start the insurance design process early as the complexity of bringing together two insurance offers is often underestimated. Early engagement allows each fund to consider the needs of their membership and allows for common principles and values to be defined and agreed. Understanding non-negotiables, establishing decision processes and willingness to compromise, at times, with others is also fundamentally important to a successful outcome for members.

You’ve recently changed your administration model and provider. How do you see the administration and operating models evolving around insurance?

Technology enablement, regulatory standards and member expectations have all lifted sharply in recent years. What was the high watermark in past years is now a common expectation.

At Mine Super, when it comes to delivering great insurance administration, our focus is on creating efficient insurance processes across the value chain (from the start of cover though to claim), minimising handoffs and points of friction for members, improving automation and getting the right claims outcomes more quickly. Member choice in how members engage with their insurance (online, in person or via phone) also forms a core part of our strategy to create value when it comes to insurance.

We think funds will continue to redesign their operating models and shift towards providers that consider the end-to-end insurance value chain, have compelling solutions and help funds stand out.

Increasing financial literacy for members is a key aim for Mine Super. How do you go about delivering on this?

There is no one-size-fits-all solution to improving financial literacy. Taking an approach which recognises how different individuals want information or advice at different times and in different ways is essential to being able to build an efficient engagement model.

At Mine Super, we run seminars for members (often at mine sites and other employer locations), offer financial advice through Mine Super Financial Advice, carry out a range of education-led communication campaigns including a quarterly newsletter, and provide a range of materials on our website. We also leverage existing collateral such as PDSs, member letters and periodic statements to include content to improve financial literacy. Further, we think it’s important to invest in our frontline staff and have comprehensive training to ensure staff can have informed conversations with members.

Over the longer term, we’ll explore more self-service tools so members can better access relevant information when and how it suits them.

What do you like to do in your downtime, away from the office?

Spending time with family, camping and furniture making.