By Nick MacKay Account Director | Digital Strategist at Spark Green| Posted: 28 November 2017
Global actuarial firm Milliman has entered an agreement with Melbourne-based digital agency Spark Green to create a suite of white label calculators and gadgets for the financial services industry.
The two companies will work together create end-to-end solutions that combine Milliman’s proprietary actuarial and risk platform and Spark Green’s ability to communicate complex financial information through world-class design.
It will solve a key problem that many super funds, banks and financial advisory firms are grappling with: how to create digital tools that engage and inform members and clients while also meeting compliance obligations.
“People are demanding more from the algorithms that support their engagement and advice tools,” Milliman Practice Leader, Wade Matterson, said.
“Our decades of experience analysing complex information means we have the proven technical expertise to design and deliver these solutions. Milliman’s platform is efficient, timely and accurate.
“As a global actuarial firm, we give our clients confidence that the calculations are robust and Spark Green, as our chosen digital partner, will help us to effectively convey that information in a range of ways. People need to be able to rely on these tools as part of making choices that affect their financial wellbeing.”
Engagement also remains a key industry challenge. Many super funds are currently using external calculators, which clash with the fund’s core identity and brand, while others have complex calculators and found they deliver poor levels of member uptake.
“Digital tools have become a core focus for super funds as members increasingly demand immediate access to information that they can easily understand and use,” said Spark Green partner Sharon Nelson.
“Effective calculators are crucial if funds want to retain existing members and attract new members. These interactive solutions provide personalised information in a way that directly engages with people and addresses exactly what they want to know in simple language.”
Spark Green is an online digital agency that works exclusively with the financial services sector. Over its 18 years in business, it has focused on combining technical expertise with creativity to provide total online solutions to the superannuation, banking, and financial services markets, including strategy, marketing campaigns, websites, and online tools.
Digital innovation has a central role in increasing member engagement: a recent survey by the Australian Industry of Super Funds has found that younger members want more online financial solutions.
Milliman and Spark Green will now produce a broad range of solutions that are robust, interactive, and appealing, offering a strong value proposition to funds.
These will include a range of key white label calculators and gadgets branded for each fund, which will minimise entry costs for many funds who need engagement tools.
Milliman and Spark Green will also create exclusive customised calculators, gadgets and profiling and risk tools to meet individual funds’ specific needs. All of these online resources will be seamlessly updated with end of financial year legislative changes through Milliman’s powerful analytic platform.
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