Retirement plans are under increasing regulatory pressure to achieve positive outcomes for their participants. At the same time, competitive pressures continue to escalate, making it increasingly difficult for providers to evolve their business, achieve greater profitability, and deliver optimal customer experiences.
Generating greater value and maximizing outcomes is possible, however, it requires next-generation analytics, personalization-at-scale, and data-driven products and solutions.
Would you like to learn more about using data-driven solutions to optimize performance and deliver a superior participant experience?
Read our free "Why Data-Driven, Personalized Solutions are an Imperative for the Retirement Industry" whitepaper.
Plans that provide a holistic view (importing data from multiple sources) of participants on the individual level are better positioned to help participants become retirement-ready. A provider’s ability to have a holistic view of their participants’ data and then integrate it throughout the retirement ecosystem is where true value is created – both for the participant and the provider. Deeper insights into overall plan performance allow plan providers to identify areas for improvement.
But access to participant data is only part of the story—the plan data has to be actionable. Key performance indicators (KPIs) like participation rates, referral percentages, investment usage, loans and withdrawals, and overall retirement readiness can help identify potential plan compliance issues. Leveraging this data can help providers target solutions with greater precision. Generic content is often ignored, so using technology and data to target tailored messages to participants creates a more meaningful and relevant experience.
Similar to how companies like Netflix and Amazon make recommendations to users, “personalization at scale” uses data aggregation, analytics and algorithms to steer highly relevant communications to customers and clients based on their data profiles. But few in the retirement industry have capitalized on the opportunity to offer such personalization – despite retirement plans being rich in client data. Perceived barriers like data privacy, a fragmented ecosystem and lack of inertia are holding many plans and advisors back.
Many providers mistakenly think that in order to offer personalization to their clients, they must develop those solutions in-house. SS&C works with plan providers, advisors and sponsors to develop data-driven products and solutions that give plan participants the friendly, tailored and responsive digital experiences they expect.
Data-driven products and solutions are no longer a nice to have—they’ve become a business imperative, and the competitive advantage will go to those who adopt them throughout their business.
For a more detailed discussion about using data-driven solutions to deliver a superior participant experience, download our "Why Data-Driven, Personalized Solutions are an Imperative for the Retirement Industry" whitepaper.
Written by Larry McQuaid
Head of Business Development