How to Manage Data in Retirement Plan Industry?

How to manage data in retirement plan industry?

By Congruent Solutions

© 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent.

Congruent Solutions

The US retirement market is undergoing a major demographic shift. More people are stepping into their retirement years, as the baby boomers of 1960 will soon reach the age of 65. These numbers are estimated to go as high as 11,700 per day for the next two decades.

Managing this wave requires sophisticated systems that can handle the data of millions of retirees. Retirement plan administration software helps ensure that participants receive better service and regular updates related to their retirement accounts. Plan advisors and sponsors have enough information on portfolio planning and targeted communications. In times of pressing fees and lowering margins, a smart retirement plan solution helps reduces time and costs spent on manual data handling.

Enhance capabilities with smart Retirement Plan Administration Software A retirement plan administration software equipped with advanced tools can collect and manage demographic data as a single source of truth. It will help create the necessary efficiencies to manage the vast amounts of participant information. The high-quality data will make the participant’s retirement journey more digitally engaging as filing and withdrawal become easier. A robust plan administration solution allows plan providers, plan advisors, and recordkeepers to develop participant portfolios. The customer profiles can be used in the future for developing new offerings and designing personalized campaigns, depending on the participant’s stage of life. Analyzing the data will give plan providers deeper insights into participant preferences, so they can reach out to them with the right products and services that meet their immediate needs.

Smart solutions to meet evolving needs Retirement and pension management software leverage advanced technologies such as AI and ML. It helps eliminate manual intervention while improving the delivery of retirement services. AI analyzes emails and text messages, sorting them based on priority and client needs. Running the ML algorithm through the CRM data helps the system predict consumer sentiment. Identifying these factors allows advisors to categorize participants based on their issues and provide necessary resolution. A Smart retirement and pension management system is integrated with AI capabilities. It helps to meet the hyper-personalization needs of the tech-savvy investors of the Millennial and Gen Z generations. These systems share real-time consumer metrics, such as gender, salary, age, account status, rate of contribution, and goals. AI quickly processes the information to suggest the best plans or alternatives for quicker resolution of issues. It minimizes time spent with each client while improving satisfaction rates. Even Robo advisors and chatbots can be connected to smart tools. By accessing data seamlessly, they help in addressing concerns at scale.

Benefits of a smart system Technology is helping reduce the time and money spent on retirement and pension management services. Smart plan administration services digitalize the retirement planning process to ensure easy and fast document access during investment review or withdrawal. It © 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent.

Congruent Solutions

offers all stakeholders a single view of the customer profile and simplifies collaboration.

Real-time data visibility is helpful for cross-functional insight and reporting. Self-service tools can be integrated with a CRM to facilitate customer-centric automation. Proactive customer service allows advisors to spend more time building meaningful relationships with their customers by offering holistic wealth advice. Technology is making the retirement planning process more accessible and more fulfilling for Americans. Congruent Solutions can help you avail the holistic benefits of smart retirement and pension management software that seamlessly integrates with your existing software. If you are a plan provider looking for ways to improve customer experience, schedule a quick call with our senior consultants.

Reference : https://www.congruentsolutions.com/blogposts/how-to-manage-data-in-retirement-plan-indus try/

© 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent.

Congruent Solutions