MetLife Insurance Australian chief executive, Deanne Stewart believes data analytics are now vital to superannuation funds in providing member insights — something which has prompted the big insurer to develop its Fund Intelligence Dashboard product.
The product will be showcased during next week's Association of Superannuation Funds of Australia (ASFA) conference in Brisbane, with Stewart saying it had been delivered to deliver real-time digital analytics and insights to MetLife's superannuation fund partners.
"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," she said.
According to Stewart, the 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," she said.
"Leveraging data will be a priority for those funds that want to be a disruptive force within the sector."
Stewart said she believed there was 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.