#20. Sarah flies solo! And discusses death benefit claims and deceased estates with Ben Darlow and Sarah Poole from EstateXchange.

Highlights

• The death benefit challenge: Processing death benefit claims is often complex, manual, and paper-heavy, despite the growing need for efficiency as $5.4 trillion in wealth transfers between generations.
• Executors’ reality: Families face interacting with up to 37 organisations after a death, making estate administration overwhelming and inefficient.
• Why processes haven’t modernised: Death claims processes have seen historic underinvestment, lack of regulation, and minimal focus compared to other fund interactions.
• Reframing the process: Super funds should consider their role as just one of many organisations grieving families deal with, adjusting expectations around paperwork and timelines accordingly.
• Triage and risk: Funds can streamline basic claims by adopting triage methods, applying more rigour only where needed, and embracing technology to reduce repetitive low-value tasks.
• Reporting pitfalls: Many organisations’ reporting paints an overly optimistic picture; meaningful reporting requires standardised data and clear lead/lag indicators, plus a culture that welcomes surfacing issues.
• Fraud as an emerging risk: As more processes move online, the risk of fraud in deceased estates is rising, with up to 9% of consumers encountering actual fraud and 17% experiencing near misses.
• Looking forward: The future may include digital vaults, seamless handover to executors, faster probate, and platforms that free up locked assets, helping families and the economy.

Guests

• Connect with Sarah Poole on LinkedIn
• Connect with Ben Darlo on LinkedIn
• Follow EstateExchange on LinkedIn
• Visit EstateXchange website

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Sarah Penn

Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia.

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