Data is the foundation to the successful operation of a superannuation fund. Improving the breadth, accuracy and accessibility of electronic data has numerous benefits:
- Enhancing administration efficiency and member outcomes
- Ensuring the accuracy of all member benefits now and in the future
- Satisfying regulatory requirements and achieving good governance standards
- Reducing the risk of administration errors and rectification
- Leveraging AI to deliver improved member engagement, retention, and behaviour analysis.
Our consulting-led approach to data projects brings an independent outlook and fresh perspective to your data challenges, addressing both short and long-term needs and objectives.
Summary of key services
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01
Data Quality Assessment
- Data Quality Assessment (DQA) provides assessment and benchmarking of data quality practices and systems in place.
- WTW can also work closely with clients to review existing data systems/operations.
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02
Data change assurance
- Expert external review of data and systems in the event of material data/system changes.
- Data change assurance is critical in projects such as successor fund transfers, administration system changes, and insurer changes.
- With over 20 years’ experience and over 100 transitions, we have developed a best-practice approach to all phases of a fund merger, including data transitions and data change assurance.
including DB, DC and pension transfers, 144,000 members in the past five years, $28 billion in the past five years and 100+ transitions.
Our credentials -
03
Rectification/Remediation
- Actuarial services to help identify and design an appropriate rectification approach.
- Rectification of calculations as required due to data or system errors as part of remediation activities.
- Robust technology and modelling systems capable of handling large scale remediation projects with previous projects easily catering for well in excess of 100’s of millions of transactions.
- We have worked with superannuation funds, employers, and legal advisors on a number of projects covering:
- Unit pricing errors
- Payroll data errors
- Fee adjustments and other transaction related remediations
- Administrative process corrections
- WTW works collaboratively with our clients to identify the level of involvement required, whether that is a review of existing calculations, or complete end-to-end assessment of error and impact to members as well as assistance in developing the rectification methodology and determining any rectifications required.
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04
Advanced analytics
- Advanced cohort analysis that moves beyond simple member personas and identifies bespoke cohorts that consider behavioural and outcomes metrics to deliver better personalisation of member experience.
- Predictive analytics to deliver optimised member engagement and decision making, including flight risk analysis and identification of drivers of key member behaviours like contributions and investment switching.
We use modern purpose built WTW software and tools to deliver successful outcomes and bring a depth of experience and flexible resource to deliver you the right solutions no matter how complex your requirements. These software platforms can also be made available for use by clients and work well for superannuation funds. We work closely with clients to implement and use these models.
Validates and cleanses data to prepare it for use in downstream financial modeling and reporting processes, providing easily auditable reports to bring a level of rigor and governance to your data processes.
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Enables life insurers and superannuation trustees to run financial models that accurately reflect their company's products and to run them in ways that are easily adapted to their business processes.
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Our award-winning software uses data and predictive analytics to help insurers and superannuation trustees make fast, accurate and informed decisions and deliver market-leading outcomes.
Learn more keyboard_arrow_rightNo two data projects are the same and we have experience of creating and delivering solutions for a wide range of issues and a varied customer base.
