Data-driven products and personalized solutions are reshaping the retirement industry. What does this mean for the industry and most importantly our clients? The opportunity to achieve and deliver better outcomes across the retirement ecosystem. Through better access to data, insights to drive outcomes, and tools to support informed decision making, firms can
offer more connected and relevant participant experiences
accelerate plan growth and optimize performance
create more tailored products and services
enhance fiduciary oversight and mitigating risk
supercharge efforts and outcomes
Despite these opportunities, however, many in the industry have yet to realize the full potential of data-driven products and personalized solutions in their business. Some are resistant to them; they perceive the barriers to adoption as too great. That hesitation is likely a result of lack of understanding, resources, or expertise. This is understandable considering today's industry pressures. Many firms are challenged to stay current, never mind staying ahead of industry trends and their participants' ever-evolving expectations.
Others may be using data-driven products and personalized solutions in a limited capacity and lack integration across their business. They're likely not optimizing efficiencies nor maximizing the value of their data aggregation and personalization capabilities.
At SS&C, we believe data aggregation and personalization capabilities are no longer a nice to have. They've become a business imperative in today's data-driven, highly-personalized world. But it's not just about access to the data and the security and protection.
A firm's ability to have a holistic view of their participants' data and then integrate it throughout the retirement ecosystem is where real value is created − both for your business and your clients. When a firm integrates data driven products and solutions across its business, greater efficiencies, increased engagement and client loyalty, and improved outcomes arise.
As part of an effort to educate the industry around the benefits of these products, SS&C is participating in a panel discussion at the 2019 SPARK National Retirement Industry Conference. The goal of the panel is to provide perspective on adoption of data aggregation and personalization, and the challenges and barriers to adoption and implementation.
Using case examples, the panel will also explore where opportunities exist within the industry. For instance, individualized messaging instead of generic message to all participants can help direct an individual participant to a more specific call to action. Technology and data can also be used to target specific demographics and cohorts, reducing communication fatigue.
For more information about the panel discussion, or other sessions at the SPARK conference, visit www.sparkinstitute.org.
With an array of data-driven insights and analytics solutions across the retirement plan ecosystem, SS&C helps clients improve customer insights, drive more informed decisions, and deliver optimal customer experiences. To learn more about our solutions and how we can help grow your business, explore our retirement resources.
Asset Management, Insurance, Retirement
data aggregation , Retirement , Personalization , data driven , participants