SuperChoice goes International
SuperChoice digital transaction platform enables employers around the world to manage and pay employee pension obligations.
We have operated in the UK since 2013 and more recently Papua New Guinea. Proving our digital transaction model and seamless integration can work anywhere. Our vision is to work with more international clients in 2021 and beyond.
We sat down with SuperChoice CEO, Stuart Korchinski to ask him why it made sense to focus on international expansion.
The Australian Superannuation market is quite mature and is globally recognised as a world-leading example of how to manage retirement benefits. What does this mean for your international ambitions?
We’ve been in their shoes, Stuart says. When new Government regulations came out 30 odd years ago, SuperChoice was there. There was an almost overnight need for administration technology in the Pension and Superannuation management space that could only be accessed from life insurance companies via outsourcing.
That genesis has meant that most of Australia’s Super Industry rely on a heavily outsourced model today. This market dynamic provided fertile ground for a SaaS technology provider like SuperChoice to acquire and grow Fund/Employer domain expertise and technology intellectual property – at scale. SuperChoice could significantly invest in a leading global SaaS technology platform that was funded by the market itself.
For our clients, it means the solution they provide to their employers is sustainable. When we talk to pension providers around the world, it’s clear companies like ours don’t exist. We were afforded the luxury of growing our platform capability and knowledge, with a narrow, specialist focus on employer/workplace pension provider transactions and engagement.
That’s a clear gap in the market we intend to fill. We have proven capability to deliver a world-class solution – leveraging our genesis in Australian superannuation.
SuperChoice made a name for themselves in the 90’s when regulatory change drove a need for digital transaction solutions. Change that made it easy for Super Funds to pay employees retirement benefits and manage the transfer of data and funds. Why would this be of value to international clients?
You can never underestimate the value of innate knowledge of the industry, technology, and learned experience.
We’ve done this type of work for 20+ years and the scalable functionality within our platform can comfortably extend to cater to a range of international legislation and requirements.
We can deliver outstanding value.
Regulatory change drove the digital transaction solution timeline here. We had to comply with an advanced, sophisticated digital regime established by the government. Bringing a vast virtual transaction network together (Tax, Employers, Pension Funds).
Australian standards are also some of the highest in the world covering: security, digital messaging, and the creation of a universal data standard.
It’s hard to put a price on the IP we acquired through the Australian government and industry-led reform. But we’re using it to help international clients bring best practices to how they work with their employers. Our solution is tried and tested.
Over the years, SuperChoice has invested heavily in solutions to keep up with employer’s demand for digital solutions. Why is this important?
Employers have firmly been at the centre of SuperChoice development as they are the end-users of our service. However, for a lot of international markets, development has focused purely on regulation. Meaning employer's needs were often left behind when it came to development.
SuperChoice knows what a good employer experience feels like and brings valuable employer IP to the table. Being able to integrate with any system is highly valued.
Many of our new markets are now facing the same issues we faced– finding a way to bring old legacy systems together and create a single source of data.
But they don’t have to work it out on their own. We offer an opportunity to rent that capability via our SaaS model. Plus we are able to continue to re-invest in our technology because we are in a growing market and this is all we do.
This contrasts with Pension providers who often have to prioritise funding across many system areas, particularly those interfacing with members rather than employers. International markets will benefit from having a solution ready to go. The time to market will be shorter. We can be up and running sooner.
Removing the need to reinvent the wheel and build solutions in-house. We think it makes sense for international markets to leverage existing, proven technology that meets their compliance requirements allowing them to also deliver best of breed employer experience and downstream benefits to members.
How do you plan to manage the time zone difference between International clients and Australia?
Right now, we have UK&I Country lead in the UK with support from the Australian team. We expect that will continue as our SaaS platform was designed to enable clients to operate the solution themselves rather than depend on us. As we bring on more clients, and the need for real-time customer support grows, there will be an opportunity to grow a dedicated international team.
What excites you about international business for SuperChoice?
Being part of an industry transformation is always exciting. The work you do makes a difference. We’ve seen it in Australia. And we’re confident our international clients will feel the same benefits.
Smooth employer experience
Lower cost of technology
Professional, streamlined and compliant approach to managing and reporting on pensions
Better employee outcomes
I’m also excited to give our Australian team international exposure. They can experience what it’s like to be part of a global team.
There you have it. Why it makes sense to expand into international markets straight from SuperChoice CEO Stuart Korchinski.
We’ve seen first-hand how our international clients can benefit from world-class solutions compared to building an in-house or using non-core solutions provided by parties focussed more on member administration.
Which delights employers, and ultimately benefits pension members.
Want to know more? Contact our UK&I Country lead.
Kevin Hart Kevin Hart is an experienced, highly respected industry professional. Throughout a 20 + year career, he has worked with leading UK Master Trusts, Payroll Software Companies, and in the Clearinghouse space. A strong industry advocate, Kevin is the executive chair of the UK’s Trade Body for Business Software Development – BASDA – and works with many stakeholders across the industry, including senior governmental levels, to influence and drive the best outcomes for developers and business users alike.