Australian superannuation fund deploys integration platform to underpin digital strategy focused on driving further value for more than 860,000 members
Sydney, Australia – February 6, 2019 – Dell Boomi™ (Boomi) has announced that HESTA is using the Boomi integration platform as the foundation for its digital strategy to securely use data and analytics to provide more personalised services to its 860,000 members.
As a superannuation fund for the healthcare and community services sector, HESTA focuses on building close relationships with its members to maximise positive experiences and financial balances. Aware of the fast-changing financial services industry, the organisation’s technology investments centre on instilling efficiency to generate greater returns for its members.
“The consumerisation of technology has set a precedent: Australians want the same personalisation, convenience and other benefits from their super providers as they get from consumer brands,” said Michael Collins, General Manager – Information Security and Technology, HESTA. “To give them these experiences, we look for technology partners who can help us use data to continuously learn about the needs of our diverse set of members.”
HESTA runs a hybrid environment featuring various in-house systems, as well as many bespoke and third party cloud-based services. Having formerly used traditional, on-premises integrations and manual processes, it went to market seeking a pragmatic and easy to use solution; one that would take complexity out of the organisation, while providing richer functionality and keeping data secure.
“Boomi has given us the ability to not just collect data, but control it and drive value from it,” said Collins. “We can now validate conclusions about where our members are in terms of achieving their retirement goals. Therefore when meeting with members, we are able to better help them make a real difference in their financial future, which is the core purpose of HESTA.”
- HESTA previously relied on point-to-point integration; each time a new application was to be integrated, it was forced to initiate a new project with two partners to ensure data synchronised accurately. This inhibited productivity and incurred unnecessary costs. Boomi gave HESTA a hub-and-spoke model so that each data source only needs to be integrated once, creating a more reliable environment while saving time and reducing project costs.
- HESTA first used Boomi to connect its insurance and member services platforms. The speed and simplicity of the project resulted in unprecedented demand from stakeholders within the business who wanted the same data accessibility across all systems. The process of incorporating additional applications, including new third-party offerings, was accelerated due to the availability of Boomi APIs.
- HESTA has eliminated 55 hours of manual handling per month since implementing the Boomi integration platform as employees are no longer required to manually copy and move data. Removing that effort relieves staff to focus on high-value tasks, including direct engagement with members.
- Boomi has enabled HESTA to develop connected ecosystems and explore new partnerships more easily. For example, Boomi allowed HESTA to seamlessly integrate with its new insurer AIA, leading to an improved online experience that triggered a 73 per cent increase in online insurance activities.
- As well as technological alignment, HESTA partnered with Boomi due to the cultural fit between the organisations. According to Collins, HESTA prioritises working with partners which have similar values as this aids in the development of services that can meet the needs of members in a hotly-contested financial services market.
“The superannuation industry is not only an extremely competitive space, but it’s also a high-pressure environment in which organisations must clearly show how they are driving more and more value for their customers,” said Michael Evans, Managing Director Asia-Pacific and Japan, Dell Boomi. “By underpinning its digital strategy with the Boomi platform, HESTA has gained greater visibility into its members’ circumstances and needs, allowing it to make decisions that will directly benefit those individuals, and also improving its operations with a coherent application environment.”
HESTA is a $47 billion industry superannuation fund dedicated to its more than 860,000 members working in Australia’s health and community services sector. Established as a profit-for-members industry fund in 1987, the Fund’s focus is on making a real difference to the financial future of every member. More than 80% of its members are women.
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