Client Case Study
One of the major Australian Industry Super Funds, with some 800,000 members and $40 billion in assets, was looking at how it might use its many member contact points, outsourced data bases and other marketing feedback to better understand the needs of its diverse membership base.
Where to start? And how to get from Zero to One?
Who are our members and what stage of their employment / retirement path are they at?
Are we really helping our members with our activities today, what benefits are they realising?
Who are our employers, how do we better engage them?
Day to day / month to month - what is happening with our FUM... and why?
The questions The Funds Management Team were asking themselves:
- How can we bring all this rich data together and make it accessible to a range of users?
- What are the best options for us to securely store all this data with minimal IT support?
- Which database and analytic technology is both highly performant, but is accessible and manageable by our developing analytics team?
- How can we best visually represent this data to highlight the key information to different users with different needs and skill sets?
Partnering with Laneway Analytics, The Fund was able to realise value and insight from the very first sprint and the system was being used by the Management Team of The Fund within five weeks. Today, The Funds users range from CEO to data analyst, to marketing coordinator. All the users can explore their data via a suite of interactive dashboards and can drill into trends and understand how and why key metrics are changing. Advanced users can interact with the data models directly and deliver deeper insights as they explore and visualise their data.
Now that the foundation platform has been delivered, the data models have continued to be refined and dashboards improved to provide data views for an ever-growing backlog of requirements. This process is embedding data and analytic capability into the day-to-day jobs of the whole team.
Equally powerful, the foundation data platform has enabled the development of advanced analytic capability. Now that the data is in one place, is accessible, and the infrastructure and tools are available, a range of analytic and propensity models have been deployed, including retirement readiness assessment, member and employer categorisation, future cash flow understanding and churn prediction.
The Key Tools
The key tools delivered by Laneway for The Fund were:
- Full data integration of a range of data sources and data duplication assessment
- AWS for storage and analytic computational horse power
- Data lake for cataloguing, search and the starting point for the data science team
- Analytic models for key elements of the business; members, employers, contributions.