Data analysis company Empirics has released a new tool that helps super funds partner with other businesses and drive member retention.
The new tool, MarketSuite Alliance, was developed by Empirics alongside software provider IXUP and allows member data to be compared with external data provided by potential partner businesses while remaining encrypted.
“MarketSuite Alliance gives super funds an unprecedented level of insight into both their member base, and the customer base of their business partners,” said Empirics chief executive Darrell Ludowyke.
The tool utilises encrypted data from both businesses to produce “de-identified insights” which will allow both funds and their partners to compare their demographics without jeopardizing the data’s security, Empirics said.
The firm added that MarketSuite Alliance will provide funds with more insight into their members, and allow for improved member retention and better decision making with regards to lead generation.
“As an example, a gym that targets females aged over 50 may want to partner with a super fund to offer discounted rates.
“The gym and the super fund can securely collaborate on their data to see if enough fund members match this demographic and assess whether this will be an effective business partnership,” Mr Ludowyke explained.
The data’s security is protected by multi-layer encryption, and IXUP founder Dean Joscelyne said this would allow both parties to maintain privacy for their members and customers.
“The ability of MarketSuite Alliance to analyse data securely from multiple parties is unique, and is the future of secure data collaboration,” he said.