Leveraging Data Analytics to Drive Engagement in Pensions 

Diving deep into data will help improve customer engagement in pensions 

Pension plan members are a disengaged and dissatisfied lot. While the auto-enrolment initiative of the UK government has increased membership, many members remain unaware of their pension providers or where their money is going. The complicated plans and jargon coupled with the lack of engagement platforms only add to their disinterest. As a result, engagement is sorely lacking in the pensions space.

To drive engagement and bring members on board, pension providers must create innovative engagement models built on digital enablers. Adoption of digital technologies like robochat and gaming techniques as well as a robust analytics framework that offers a holistic view of members to drive contextualized personalization is the need of the hour. To achieve this and drive engagement, pension providers must

• Educate members on the need to save for retirement
• Gain a 720-degree view of each member
• Adopt measures to use member data without violating privacy regulations
• Implement digital enhancements like robochat, gamification, and wellness platforms