Amritsar, NFAPost: Information technology giant Tata Consultancy Services Ltd has partnered with UK-based Phoenix Group to launch an enhanced client based analytics tool for workplace pension clients of its Standard Life Assurance Ltd business.
This comes after Phoenix Group’s enlarged strategic partnership with TCS announced at the end of 2019, and as another step in Standard Life Assurance’s development roadmap for 2020 and beyond, the company said.
“The new client analytics tool we are launching today in partnership with Phoenix Group leverages our investments in Platform Analytics, and ensures that workplace clients have access to the best technology to help their members get the most from their pension schemes,” said Suresh Muthuswami, Global Head of BFSI Platforms at TCS.
TCS said that this new tool will provide employers and trustees with much richer insights, helping them to segment their membership base to take more targeted action with their scheme members as well as exercise their governance and oversight responsibilities.
It also added that these enhanced analytics have been rolled out to an initial group of clients, and that they have supported the development.
This new tool will gather, organise, and present data by specific member behaviours and groupings to create valuable insights and this will be displayed on 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, the company said.
“With the launch of this tool we are empowering clients to make data driven decisions which have the potential to improve retirement outcomes for members. We know our clients 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,” said Gail Izat, Managing Director of Workplace, Phoenix Group.
Key features of the enhanced client analytics tool:
- It organises and presents data by specific member behaviors to create valuable insights.
- The dynamic filter tools will enable clients to segment their members based on a range of metrics including age, gender and pension value.
- It provides information to help develop the understanding of members’ behaviors 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 making.
- Messaging costs will be reduced by communicating to members in the manner they are most likely to respond.
- 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 members.