Every public retirement agency is required to maintain decades of data about each member. With nearly 20 million members receiving a public employment benefit, that’s a treasure trove of data that retirement agencies are sitting on 1. Are agencies using this data to be more insight-driven?
Accenture’s North America Pensions survey included interviews of 100 decision makers and C-suite executives at American national, state and city public retirement agencies to understand general attitudes toward data analytics.
The findings reveal that many retirement agencies are using analytics to some degree, but they aren’t fully diving in to take advantage of the benefits. In fact, 92 percent believe their organization would benefit from doing more with data analytics. And 80 percent believe data analytics can help public retirement systems meet the goal of providing appropriate benefits to members. So what’s stopping agencies from taking the plunge?
1 United States Census, 2011 Annual Survey of Public Pensions, online at: http://www.census.gov/govs/retire/