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Super funds need real-time data
The ideal data model for superannuation funds would be one where data was processed on a near real-time basis and a single source could be used to drive all engagement activity, according to Rice Warner.
An analysis by the research house said more holistic and timely data allowed funds to have more specific individualised engagement with members.
However, it said many superannuation funds were unable to effectively reach their desired goals to due a lack of data or lack of ability to integrate data in an effective or timely manner.
Rice Warner noted that super funds had a small number of data points for default members which were often limited to date of birth, account balance and contribution information.
“Funds are striving to engage more effectively around particular life and activity milestones, for example engaging with a member with who has recently married or has newly-dependent children,” the analysis said.
“However, funds are often limited in their ability to so do efficiently by data which is dated and less insightful. This is often a consequence of the frequency with which data is extracted from the administration system and the time taken to run models and generate insight.”
It said the most advanced funds were using real-time data to drive the next best conversations with members as they made contact with the fund, but that this was generally in the early stages of development.
The analysis noted the key focus areas for administrators were cybersecurity, financial planning and advice, technology/ digital strategy, and pension transfer bonus.
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