How super funds can maximise member data


Cost has historically inhibited many superannuation funds from developing best-of-breed member data analytics solutions often available to larger retail funds with institutional backing, according to Madeline Dermatossian, Managing Director of superannuation administrator FuturePlus. 

Member data analytics as a science is not new and the benefits to complex operations are well understood, however, super funds are today faced with a unique set of challenges, from stronger competition from retailers and SMSFs through to increased demand for value and services from members. 

“The smart use of technology to extract rich data and package it in the right way can bring real understanding to a fund, helping it to respond to these challenges,” Dermatossian said. 

“Technology solutions designed to specifically respond to the industry’s regulatory reforms and requirements can help funds keep pace with little fuss.” 

FuturePlus, which recently launched a business intelligence solution called FuturePlus Insight, believes funds need cost-effective ways to leverage their information to realise better member engagement and retention. 

FuturePlus Insight will offer superannuation funds a new level of data analytics and also assist with preparation for upcoming MySuper ‘fund health-check’ requirements. 

“Broader system integration and sharing of infrastructure means that FuturePlus Insight is competitively-priced and within reach of funds – whatever their size,” she said. 

FuturePlus Insight is connected to a fund’s underlying administration system through FuturePlus’ core administration platform, which elevates it from basic data transfer to a sophisticated, data analytics application. 

Funds will be able categorise, group and qualify members, and present data to assist in supporting business case decisions on how funds market and communicate with members as well as allocating resources to service them. 

APRA benchmarking through FuturePlus Insight
Included in FuturePlus Insight is a dashboard tool which draws on Australian Prudential Regulation Authority (APRA) data, allowing superannuation funds to benchmark and track themselves against other providers in the market. Funds will be able to compare themselves to peers on a range of metrics including fees, performance, asset allocation, flows and size.

“While APRA data has long been available, we believe this is the first time the data has been packaged and made available in such a way that funds can readily benchmark and track their progress,” said Dermatossian. 

Support of MySuper reforms
FuturePlus Insight will also include a ‘fund health dashboard’ which is designed to assist with the foreshadowed Prudential Standard reporting requirement across a range of cost, asset and performance metrics. While the final details of the Standard are not known, FuturePlus Insight can easily be configured to present available data when requirements are confirmed.

FuturePlus Insight will be showcased at the ASFA 2012 National Conference on 28-30 November 2012 at the FuturePlus stand.

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