Chat Busy – Superannuation Contact Centre Overflow And Record Member Engagement
Contact centre overflow at superannuation funds and third-party administrators has relied upon incredible ingenuity and innovation to manage extreme demand amid the COVID-19 crisis.
Current inbound member enquiry is consistently greater than double the norm with major spikes observed tripling and quadrupling enquiry rates.
Anecdotally, these spikes appear to correlate with general increase in panic across the population caused by share market drops, panic buying of supplies and major layoffs reported in the media plus announcement of new government initiatives including the $10K early access withdrawal.
Granted it’s under duress, but record levels of member engagement are an opportunity for funds to not only demonstrate responsiveness, resilience and compassion but a rare platform to educate members.
This blog briefly outlines the top member enquiries, operational solutions and communications solutions.
TOP MEMBER ENQUIRIES
Reducing minimum pension drawdown amount
Investment switches, investment switch progress and cancelling of investment switches
Early release withdrawals
Income protection insurance queries and claims
Life insurance queries and claims
Pandemic exclusions
Financial advice around what to do with investments and insurances
Assistance with member portal issues
Scams and fraudulent impersonations of super funds, the ATO and financial advisers
Members are experiencing extended wait times and in many cases seeking clarification on concerns, so enquiry duration is extended.
The financial literacy of members is further slowing call duration due to misguided beliefs and lack of understanding, for instance members are wanting to claim illness and disability income protection for loss of employment which is not a medical condition.
Based on industry intel, a number of initiatives have emerged as briefly outlined below.
OPERATIONAL SOLUTIONS
Internal staff are being re-deployed to contact centre roles.
Overflow from third party administrators is being redirected to the fund.
Contact centre opening hours and days have been extended.
Provision of hardware en-masse to contact centre consultants working from home.
Upgrades and workarounds to systems and technology.
Booking systems for call backs have been implemented.
Call backs are being confirmed by text and email confirmation and in some cases provide information on what to expect from the conversation.
Initial recorded messages on inbound calls immediately directing members to the ATO for 10K early access.
COMMUNICATIONS SOLUTIONS
The most frequently asked questions at the contact centre level must be collated and answered in simple terms on a dedicated coronavirus FAQ web page. REST’s coronavirus FAQ’s are an excellent example of this.
To curb member contact, coronavirus FAQ’s must be front and centre on the website and member portals and ideally sent directly to members via email.
Coronavirus FAQ’s hyperlinks can be sent via SMS for members that try to call or are on a call back log.
COVID-19 website hero banners, announcement bars and pop ups are in takeover mode on super fund home pages.
Websites showing wait time announcements are helping to manage member expectations.
Websites must be updated frequently with current information.
Important updates must not only feature on the website, but be distributed by direct email for instance information on early release payments.
Video announcements from CEO’s and investment heads are being distributed with messaging particularly around not panicking or switching investment strategy.
Member portals are being utilised to communicate important updates and direct members to further help.
The response by super funds and administrators to keep pace with demand has shown extraordinary coordination and original thinking. Some funds are certainly better placed by way of technology, personnel and processes, but in general the rapid response across all funds is noteworthy.
Best regards
Steve
Steven Morrissey - Practice Lead
HOW CAN QMV HELP?
QMV offers flexible and timely advice and consulting support to the superannuation sector. We can provide standalone advisory, mobilisation of a consulting team or an individual resource.
QMV is here to help with the extenuating challenges and additional workload faced by your organisation via:
Advice and strategy for immediate priorities and subsequent strategic vision for 2020/21.
Project strategy, direction and oversight.
Preparation of policy and procedure documentation.
Delivery of online specialist support to your remote workforce.
Technology uplift and data management.
Risk, regulation and compliance.
Communications strategy for internal staff and members.
Please contact QMV at any time day or night; we’re here to help.
Mark Vaughan - Managing Director
mvaughan@qmvsolutions.com and +61 413 082 011.
Michael Wilcox - National Manager, Strategic Partnerships
mwilcox@qmvsolutons.com and +61 472 817 237.
QMV provides trusted advisory, consulting and technology to Australia’s leading superannuation, insurance, banking and wealth management organisations. For further information please telephone our office p +61 3 9620 0707 or submit an online form.
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