REI Super, a real estate industry superannuation fund, has enlisted the services of Laneway Analytics to deploy a new purpose-built predictive platform that will track the trends and behaviours of its members
The new predictive analytics platform, known as Provident Lane, will be fully operational within a guaranteed 30-day timeframe. Provident Lane will also be coupled with Laneway’s AI-backed analytics portal, ‘Luci’, designed to help interpret and visualise data insights. Notably, REI will be first super fund to deploy the Luci portal.
The new self-service analytics solution, specially built for super funds, is said to “deliver ten times the functionality of any competitive offering in the market,” Laneway states.
The Provident Lane platform will be able to track changes in fund membership, including member acquisition, retention, and churn profiling, assist with change impact analysis for marketing campaigns, and model members’ likelihood to leave the fund.
Praising its forthcoming analytics deployment, REI Super chief executive Mal Smith said its new plug-in platform would enable the fund “to further enhance how we serve our members and their needs in the future.”
“We are single-mindedly focused on providing the best member outcomes we can, and that requires gaining ever deeper insights into our members. We are delighted to partner with Laneway Analytics and the team of data scientists to further our capabilities in this area,” Smith said.
Ease of implementation, onboarding, and daily use appear the overarching goals for Laneway’s analytics offering – and indeed seems the main drawcard for REI, who has chosen the still-nascent tech start-up, established little more than two years ago, over some of the more established analytics providers.
“There is huge momentum in the industry for data and we have made it possible to just ‘jump in’. It shouldn’t take millions of dollars and a 12-month roadmap to analyse your data and apply it to your business decisions. With Provident Lane and Luci, funds can set themselves up for success in a short time frame.”
Grant Callaghan, Laneway Analytics chief executive, stressed the need for more simplified analytics resources for superannuation providers that obviate the need for “in-depth training for users, regardless of the role they hold in a fund.”
While this is the first major deployment of both its platform and portal, Laneway is said to be working alongside or in talks with “more than 20 different [superannuation] funds”.