A member app, cloud-based engagement tool and management information facility are at the core of a suite of technology tools for DC schemes launched by LGIM today.
A new management information tool allows workplace pension schemes to analyse and segment their membership information to better understand savings trends and create targeted member campaigns.
LGIM’s new member app, called Unu, gives employees real-time access to employee benefits information, including their pension, as well as other applications through a single login.
The cloud-based tool will aggregate scheme data in a central repository with the aim of helping improve member engagement. This gives scheme sponsors a consolidated data set from which to identify trends, such as employee’s pension contributions, and respond accordingly with targeted communications and “nudge” techniques.
LGIM will also be able to draw on its own large data set to help give an overview of the UK pensions landscape. This has multiple applications including developing market projections, using business intelligence derived from machine learning and artificial intelligence insights, and influencing broader pensions policy.
LGIM head of DC Emma Douglas says: “The tech tools we are launching will help pension providers gain insight into their members’ saving trends by unlocking the wealth of information available in their schemes – such as demographic and regional savings trends, and gender biases. From this, providers will be able to create more targeted communications and apply nudge techniques. The data collected at an aggregate level can also be used to help inform and drive broader pensions policy.
“Unu is designed to reduce the amount of time we all spend wading through multiple platforms and information sources. People increasingly expect to have information at their fingertips, and we believe pensions and employer benefits should be no different. While most users do not access this information on a daily basis, by providing a single, user-friendly app, we hope to encourage more regular engagement with pension and benefits provision, and ultimately greater engagement amongst users.”