Superfunds access analytics to retain members

Australian superannuation funds are turning to predictive analytics in a bid to retain members, data specialist firm Empirics has said. Predictive analytics were increasingly being used to target and anticipate member behaviour as competition for members within the super space ramped up, it said. “We’re seeing a real surge of interest from [super] funds who are moving on from reporting, which essentially looks backwards, to using predictive analytics to look forwards and see what these insights can do for their fund, particularly how they can help engage and retain members,” Empirics chief executive Darrell Ludowyke said. “Previously analytics used to mean identifying and segmenting members, however, today we can accurately predict behaviour, inform business and marketing strategies and then track and measure direct causal outcomes.” By predicting client behaviour, super funds were now able to identify members who were most at risk of exiting the fund, as well as those who were most likely to change jobs or acquire additional products and services.