What is Client Analytics?
We have developed a client analytics tool that works to empower employers and trustees by making it easy to turn data and insights into actions that will benefit their members.
We understand that you need a simple, efficient way to stay on top of the activity within your pension schemes. We understand the necessity to see trends in real time, and have the ability to act on this information quickly. We understand the want to have a user-intuitive tool – one that is easy to navigate, segment, and analyse, so that you can spot any concerns and opportunities in a timely manner. And we understand that at the heart of all this, sits the need to drive better outcomes for your members, and their future financial wellbeing. So that’s what we’ve built. A platform that empowers. A platform that enables. For the benefit of all.
Watch the video for a tour of Client Analytics
How does Client Analytics work?
You will access member data in a dashboard style format accessible alongside your current Standard Life pension administration platform.
Data protection of members is of paramount concern which is why personally identifiable data is removed and then all data is aggregated to prevent individual member identification. To this end we have also introduced a minimum cohort filter size of 10.
Through the use of dynamic filters you can segment your members based on a range of metrics, for example:
- Pension value
This will enable you to cut through the vast amount of data that is held within your pension schemes to focus in on specific behaviours and trends across different groups of members.
This is the first joint development we have undertaken with Tata Consultancy Services (TCS) as part of our enlarged partnership and will be made available across all product types and be released on a phased basis. We plan to continually review the Client Analytics tool based on your feedback to further enhance the features and functionality available, so please use the feedback option within the application to share your thoughts on how the tool can be improved.
Recent enhancements to the tool:
Personalised videos - we have enhanced our engagement information and you can now use Client Analytics to view how many of your members are engaging with their personalised videos.
Geographical filters - we have enhanced our geographical information and you can now filter by UK region. You can now use Client Analytics to compare member information across the UK.
Incorporation of the Pensions and Lifetime Savings Association Retirement Living Standards (PLSA RLS) – The tool now incorporates the PLSA RLS , which has been developed to provide people with a picture of what kind of lifestyle they could have in retirement. You can now identify the percentage of your workforce that is in each of the RLS bands; Minimum, Moderate or Comfortable. The hub also shows how this compares with our Standard Life benchmark and industry benchmarking. Using RLS, we have enhanced the Client Analytics tool to create two views; a summary table showing the proportion of members falling within each band, and more granular level analytics showing the proportion of members by retirement income band. Both views allow the user to toggle between RLS calculation based on Standard Life pension assets only, or to include an estimation of pension assets held elsewhere.
How does Client Analytics help?
- It provides information to help develop your understanding of your member behaviours
- It can help you increase member engagement by improving the relevancy and timing of your communications based on insight
- It can help reduce messaging costs by communicating to members in the manner they are most likely to respond to