Tata consultancy service (TCS) which is the leading global IT services, consulting, and business solutions has recently announced that it has partnered with Phoenix Group which is the UK’s largest long term savings and retirement business for launching enhancing client analytics tool for workplace pension client of their standard life assurance limited business.
This new tool will provide employers and trustees for richer insights by enabling them to segments their membership base for a more targeted action with their schema members as well as exercise the governance and oversight of their responsibilities. This enhanced analytics tool has been rolled out to an initial group of clients who have supported the development.
The tool will help to gather, organize and present the data with the specific member behavior and also helps to create groupings for creating valuable insights and this will also be displayed on a simple-to-use dashboard by providing workplace clients by providing self-service information to help them to understand the profile and also needs of their members for making an informed decision making.
Gail Izat, MD of the workplace, Phoenix Group said that with the launching of the analytics tools they are empowering their client to make the data-driven decision which will help to improve retirements outcomes for their members and also they know that their client needs a simple and efficient way for staying on the top of the activity within their pension schemes and as well as for seeing real-time trends. Also, Suresh Muthuswami, global Head, BFSI Platforms, TCS said that this new client analytics tool which is launching in partnership with phoenix group will help their investments in the analytics platform and also ensures that the workplace clients having access into the best technology for helping their members for getting the most out of their pension schemes.
Key features of the enhanced client analytics tools are:
- Helps in organizing and presenting data by member behaviors to get valuable insight.
- Also, a dynamic filter tool will help the client to segment their member on the bases of their age, gender, and pension value.
- It helps to provide information to understand member’s behavior and trends.
- Dashboard, which is a simple-to-use will, helps to provide data-driven insight for understanding the profile and needs of schema members and for informed decision making.
- Reducing messaging costs by communicating to their members in the way they most likely to respond.
- It will available across all product types and are released on phased basis features and functionality will be reviewed depending on the client and members’ feedback.