The launch will provide employers and trustees with much richer insight, enabling them to segment their membership base to take more targeted action with their scheme members as well as exercising their governance and oversight responsibilities
Phoenix Group, the UK’s largest long-term savings and retirement business, announces the introduction of an enhanced client analytics tool for workplace pension clients of its Standard Life Assurance Limited business. The new service is the first outcome of Phoenix Group’s enlarged strategic partnership with leading global IT services, consulting and business solutions organisation Tata Consultancy Services (TCS), which was announced at the end of 2019.
The launch will provide employers and trustees with much richer insight, enabling them to segment their membership base to take more targeted action with their scheme members as well as exercising their governance and oversight responsibilities. The enhanced analytics has started to be rolled out to an initial group of clients who have supported the development.
The new analytics tool will gather, organise and present data by specific member behaviours and groupings to create valuable insights. This will be displayed in a simple-to-use dashboard that will provide workplace clients with self-service information to help them understand the profile and needs of their members to help inform decision making.
This propositional enhancement is being launched following detailed consultation with clients and their advisers to ensure the application met their needs. It is another step in the delivery of Standard Life Assurance’s Development Roadmap for 2020 and beyond, and demonstrates the important role the partnership with TCS will play in enhancing the workplace proposition.
Commenting, Gail Izat, MD of Workplace, Phoenix Group said:
“With the launch of this tool we are empowering employers, trustees and their advisers to make data driven decisions which have the potential to improve retirement outcomes for members. We know employers and trustees need a simple and efficient way to stay on top of the activity within their pension schemes and to see trends in real time. This tool will enable them to have the ability to act on this information quickly.
“This is the first joint development we have undertaken with TCS as part of our partnership and will be one of many innovations the partnership will deliver in the future. It demonstrates Phoenix’s commitment to driving growth in the workplace market and maintaining our leadership position.”
Key features of the enhanced client analytics tool
- It organises and presents data by specific member behaviours to create valuable
- The dynamic filter tools will enable clients to segment their members based on a range of metrics including age, gender and pension
- It provides information to help develop the understanding of members’ behaviours and trends
- The dashboard will be simple-to-use and provides data driven insights to help better understand the profile and needs of scheme members and inform decision
- Messaging costs will be reduced by communicating to members in the manner they are most likely to
- It will be made available across all product types and released on a phased basis. The tool’s features and functionality will be continually reviewed based on feedback from clients and their
Suresh Muthuswami, President, BFSI Platforms, TCS adds: “The new client analytics tool we are launching today in partnership with Phoenix Group leverages our investment in Platform Analytics, and ensures that workplace clients and trustees have access to the best technology to help their members get the most from their pension schemes. Since our partnership with Phoenix was formed, TCS has focused on tapping into the power of its digital platform to improve the experiences of Standard Life Assurance’s customers, including employers, trustees, advisers and members, and to enhance the ways in which they interact with Standard Life. We look forward to innovating further to help Phoenix Group provide superior customer experience.”
Source: Company Press Release