In a hyper-competitive superannuation market, the ability of super funds to genuinely differentiate their offerings from their competitors is critical for business survival and success. Yet, with tight operating budgets and poor access to their member and business data, many funds struggle to deliver products and services that stand out from the crowd.
The solution to this dilemma lies in a fresh new approach that allows super funds and administrators to reimagine superannuation administration. Technology-led, the approach provides super funds with unprecedented access to their data, giving them unique insight into their members and business, as never before.
The new hybrid operating model opens up access to the fund’s member registry data. By enabling new levels of data access and analysis, funds can achieve a far deeper understanding of each member and deliver the hyper-personalised, real-time engagement their members increasingly expect.
The model also allows funds and administrators to identify opportunities for operational efficiencies and service improvements, as well as achieve better informed strategic planning and decision making. Greater data access and insights enables funds to perform improved member segmentation analysis, which is the key to understanding member trends and driving effective digital strategies.
The technology-led approach supports innovation, enabling funds and administrators to remain relevant amid face-paced change. An agile operating model that easily integrates with best-of-breed providers, ensures that funds can access AI techniques and tools as they become available, to continuously improve the member and employer experience. Machine learning can be applied to both member and operating data to identify previously unattainable patterns and trends.
As superannuation is reimagined, access and control over member and operational data – and the unique insight this brings – will be the foundations on which funds build their competitive advantage and business success.
Unique insight is just one of four key benefits stemming from reimagining superannuation administration through this exciting new technology-led approach. The other benefits include: Delivering Value, New World Engagement and Transparency and Control. To find out more please view the whitepaper Reimagining Superannuation – How super funds can survive and thrive by taking control of their entire member journey.