Global insurer MetLife has developed a new tool for superannuation funds that it says will help trustees "harness the power of big data".
MetLife will unveil the new Fund Intelligence Dashboard at the Association of Superannuation Funds of Australia (ASFA) conference in Brisbane next week.
A recent of survey of superannuation funds conducted for MetLife by Ipsos found funds are looking to "leverage their data to drive innovation in product design and improve member engagement", MetLife said.
"This is a key priority for the super industry as it enables better customer segmentation, allowing them to enhance the member experience," said a statement.
MetLife chief executive Deanne Stewart said the Fund Intelligence Dashboard will deliver real-time digital analytics to super funds.
"From an insurer perspective, we’re moving away from mere quarterly reporting and instead looking at ways we can provide more insightful and interactive data to better manage group life costs and improve product design," Ms Stewart said.
"The Australian superannuation industry is facing significant challenges, not just from regulatory changes but also from decreasing member involvement and engagement, particularly given the growing popularity of SMSFs.
"In order to differentiate, funds are becoming more member-centric in their approach, with greater customer segmentation and more distinct, customised value propositions. Leveraging data will be a priority for those funds that want to be a disruptive force within the sector," she said.
MetLife has already tested the dashboard with several of its super fund clients.
"There is a clear opportunity for group insurers to add value to their super fund clients by providing real-time data to inform evidence-based business decisions, all in the cause of helping funds remain agile in a challenging operating environment," Ms Stewart said.
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