DST Global Solutions today confirmed that Auscoal Super, the industry fund for Australia's coal community, has gone live with its BluedoorTM all-in-one web-based administration registry solution.
AUSCOAL Super has replaced its suite of superannuation applications with the Bluedoor single technology framework. AUSCOAL Super anticipates that this will further enhance its leadership position in the industry funds market with a strong focus on operational efficiency, innovation and service for its current and future members.
The implementation of the Bluedoor solution is expected to provide significant industry-wide and member-facing benefits for AUSCOAL Super. From an industry perspective, the creation of a single technology framework is able to introduce substantial efficiency gains and improved access, functionality and reporting capabilities for employers and employees in the coal industry. The exception-based administration model and online transactional processing is designed to replace large levels of paper flow, handling and storage for employers, members and the administrator.
Key to the fund administration system update for its employers and members, AUSCOAL Super has also launched the Bluedoor Solution web portal, providing a new website that introduces a range of innovative online transactional capabilities.
The new AUSCOAL Super website is designed to provide online access to employers, members and advisers in real time. Employers will be able to manage employer contact details, update employee details, manage and submit new members and contribution returns, transfer funds and advise employee terminations. Members will have complete control of their accounts including accessing all their details, correspondence and account history, and management of their investment options and switches. In addition, they can manage their insurance and beneficiaries, roll-over money into the fund and update their personal details all in what is anticipated to be a fully secure e-commerce environment. AUSCOAL Super's significant reduction of paper and introduction of an online presence has led to the launch of an electronic filing cabinet for each member. The industry fund has initiated an education campaign to encourage its members to discard existing paper-based files as these are now all available online in an electronic format.
According to Bruce Watson, Chief Executive Officer, AUSCOAL Super, the implementation has the capacity to transform the industry fund's service platform. "We completed a data migration to our new system and it's all gone according to plan. Our fund administration and key business systems are now linked for the first time and we have made significant improvements to our business reporting possibilities and online customer service offering.
The system is extremely flexible and will position us well for future industry initiatives and keep us firmly focused on servicing our membership and our fund's growth."
Watson continued, "We selected DST Global Solutions, after a thorough review of all providers, because we believed that they really understood the superannuation industry and the requirements we faced to improve both our business processes and customer service solutions at the same time. The standard of superannuation administration and service for members and employers has entered an entirely new era and the coal industry will be one of the first to enjoy the benefits."
Martin Spedding, Executive Director for DST Global Solutions Bluedoor, commented that the implementation project with AUSCOAL Super was a very practical example about how immediate improvements in wealth management support are able to be achieved in a relatively short time. "Within 12 months, AUSCOAL Super has not only committed to selecting our Bluedoor solution, it has converted its fund records and gone live with a highly successful system implementation," he outlined.
"This transition to a modern single platform is expected to deliver new and innovative client services solutions, whilst introducing meaningful cost savings to the fund," he said.
Tom Abraham, CEO of DST Global Solutions, outlined, "There has been a lot of market attention recently regarding DST's Bluedoor solution and what it is capable of delivering for our clients. For superannuation providers, fund administrators and asset managers it is a solution that will help provide transformational competitive advantage.
We are delighted that we have completed the roll-out of Bluedoor for AUSCOAL Super, its members and employers, and remain focused on supporting them in realising their business objectives. With this successful implementation at AUSCOAL Super I am very pleased with the Bluedoor team's continuing excellent record for on time delivery."
The Bluedoor solution, formerly known as Wealth.net, is a single technology framework that that is designed to deliver transformational change to organisations by enabling an exception-based straight-through-processing environment. This framework makes possible the retirement and replacement of outdated legacy platforms, typically comprising of eight or more applications, with a modern single platform. The Bluedoor solution is designed to optimise technology and operational investments. Its implementation facilitates enhanced customer service, streamlined administration processes and reduced cost and time-to-market for new and innovative products.