Standard Life have recently launched a tool to help employers make data driven decisions to assist in actionable insights and improve member outcomes.
The Client Analytics tool is currently available to a select number of employers before being rolled out to all suitable clients. This is the first joint development they have undertaken with Tata Consultancy Services (TCS) as part of an enlarged partnership.
The Management Information tool, which will come as free with a Standard Life pension, and is accessible alongside their current Standard Life pension administration platform, gives employers the ability to carry out detailed analysis of their membership at the click of a button.
The dashboard focuses on three key areas: providing data and analysis of the overall scheme summary; aggregated member analysis; and engagement levels. Each has an interactive dashboard for the employer to navigate, which includes benchmarking so you can see how your scheme compares to others who have access to the tool. There are dynamic filters in place so that employers can look at their scheme members by age, gender, pot value and member segmentation. Standard Life have developed an in-house model which can break a scheme into 14 member needs segmentations based on a number of factors including affluence and their financial life stage.
This displays an overall view of the scheme with graphical outputs detailing the number of members, average pot size, assets under management and total member contribution levels broken down by regular and single contributions as well as transfers in.
Here employers can take a deeper look at their members based on the value of their pot, as well as regular contribution band and member segment, distribution by age and the geographical location.
This focusses more on digital engagement and looks at how members are engaging with their pension. It can highlight, for example, how many people have registered to have access to the member portal and logged in, who has opted for paperless communications and how many people are using the member app. A nice feature is the ability to also see how many members have a nominated beneficiary.
Data protection of members is of paramount concern to Standard Life, which is why any personally identifiable data is removed and all data is aggregated to prevent individual member identification. The tool updates monthly and contains a rolling 12 months of data.
Providing an employer with readily available access to such information would have been extremely time consuming (if not impossible) to pull together manually. With access to this level of scheme data employers are better placed to a deliver more tailored services to their workforce, which will hopefully drive better outcomes. Using the analysis, they will be able to target cohorts of their workforce and offer support to groups of people who might need guidance on subjects such as: the Lifetime Allowance; those reaching retirement age; or improving member engagement.
This is a great addition to the Standard Life workplace proposition, and it will be interesting to see over time what positive effects this can bring. Standard Life have committed to a strategic goal to help improve customer outcomes and this new service is a step further to helping them achieve this. Well done to all involved.