New modern data platform keeps annuity org competitive

Multi-billion dollar annuity org implements new modern data platform to keep up with looming Baby Boomer retirement trends

Challenge

 

Statistics show that in 2031, the U.S. population over the age of 65 will be around 75 million — almost double what it was in 2008. This national retirement services organization recognized that a generation of this size transitioning out of the workforce would significantly impact the economy and asset management.

Our client understood that the migration of the Baby Boomer generation into their retirement years would instigate a significant transfer of wealth – shifting the balance from asset accumulation to asset withdrawal. Additionally, as wills are executed for this generation, asset wealth will begin to shift to the next generation, one that is more digitally focused, with different needs and increasing expectations for customer experience and engagement.

They realized that to better serve transitioning and emerging clients, they needed a more integrated approach to comprehensive data about their clients, products, and beneficiaries. But it wasn’t that simple. Their data assets were scattered across the organization’s siloed business systems and disintegrated data warehouse and reporting assets. They needed a partner to look at their entire data landscape, assess its current state, and provide strategic and actionable next steps to meet their new business needs.  

As a well-established, multi-billion-dollar organization, they had numerous legacy systems, a highly fragmented data asset landscape, and long-term managers not ready for change. Their main challenges were:

  • A lack of integrated architecture for data across the diverse systems landscape
  • Redundant sources of reporting and analytics data
  • Mistrust of their data resulting from a lack of data integrity and inaccuracies across different platforms
  • Challenges with data analytics due to difficulty accessing applicable integrated data

After over a decade of working together on different initiatives, they turned to Fusion to provide the assessment, framework, and roadmap they were looking for.

Solution

With an understanding of their goal — to better serve different client populations and prepare for changes in asset management — and the current roadblocks, our team got to work with our customized three-phased approach:

  1. Analysis
  2. Program strategy alignment
  3. Maturity assessment and program roadmap

Our team began by conducting a data analysis to assess their data and analytics environment and identify and prioritize business needs and drivers. We provided a data charter that included a full inventory of their strategic business initiatives and use cases, an outline of their objectives and program goals, and a list of the identified challenges and barriers.

With the assessment and analysis complete, we created a cohesive strategy to realign their data management and analytics capabilities with their business objectives, which included:

  • Prioritization of strategic business initiatives
  • Key milestone targets for program increments
  • Capability gaps to address

We also completed a current state data and analytics maturity assessment and worked with the client to understand where they wanted to be on the data maturity scale. From there, we were able to build an integrated, multi-year roadmap to address master data challenges.

We then designed and built a modern data platform that would support data science, management reporting, and executive dashboards — all with integrated data that was accurate and reliable.

Outcomes

With their new modern data platform, our client could now better understand, predict, and empower their updated client engagement strategies through the optimization of digital channels.

They are no longer dealing with “legacy” employees fighting for power over systems or having to double-check data output against multiple systems to ensure accuracy. With the modern integrated architecture, they can ensure the quality and accuracy of their data, and access it in real-time.

In addition to better data access, they now have fewer reports and dashboards, and the ones they have are more valuable and agile, allowing the organization to get the data when they need it.

Although statisticians don’t expect to see the full impact of Baby-Boomer-Retirement until 2031, our client stands ready to meet the needs of both their migrating and incoming clients.

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Revised data strategy and roadmap with prioritized action items for continued success
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Renewed trust in data
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Better understanding of customers and needs/Improved customer engagement strategy

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