The world has changed a lot since embarking on our current strategy. The super and insurance industries have been under sustained scrutiny and are now facing into an unprecedented era with the Productivity Commission’s Competition in the Australian Financial System inquiry, changes through recent Federal Budgets, and the Royal Commission into Misconduct in the Banking, Superannuation and financial services industry. Workplace mental health and wellbeing is also changing and evolving at a rapid pace, with far more resources focused on this sector and increased awareness of mental health issues. These formerly independent sectors are beginning to converge more and more.
That brings new opportunities for synergy and innovative mental health and wellbeing solutions designed for the unique needs and challenges of super and insurance organisations. Demand for SuperFriend’s programs, support and advocacy work has never been greater. Yet, proposed insurance and related changes are likely to mean significant shifts in our funding. With increased Partner take-up of SuperFriend’s initiatives, it’s critical to ensure we have a Partner-informed business model designed to ensure the organisation maintains strong, long-term sustainability and delivers lasting value and impact.
With a renewed focus on our Partners, SuperFriend has begun the process of co-designing the new strategy with Partners to ensure their needs and expectations form our strategic foundation and core business.
SuperFriend commissioned a stakeholder engagement project of 52 interviews with representatives from insurers, funds, the financial services industry and the mental health sector to seek insights on strategic opportunities for the organisation. This, along with Board consultation, co-design workshops with Partners and broader customer experience consultation, will inform SuperFriend’s new strategic direction and strategy for the next 3 – 5 years.
The new strategy was presented to the Board in December 2018, following further Partner consultation. It brings together the financial services and mental health worlds for lasting, positive change and we look forward to sharing our new vision and strategy with you in the new year.