dailyVest’s PlanAnalytics Embodies Trend Toward More Intuitive and Robust Plan Health Tools

by on Sep 01, 2017

In March of this year, Corporate Insight published a blog post, The Emergence and Future of Plan Health Tools, that covered the rapid and widespread emergence of plan health tools across the plan sponsor websites tracked by our Retirement Plan Monitor – Institutional product. As these tools become more prevalent, they also become more central to the plan sponsor digital experience, giving sponsors more intuitive ways to assess plan health than traditional reporting tools. These resources communicate crucial plan health data, such as plan participation rate, number of employees eligible but not participating, and number of participants with appropriately allocated portfolios. The best tools incorporate visualizations to make data more digestible and allow users to parse different employee demographics and drill down to identify specific employees in need of help.

In the blog post, we also discussed how we expect to see more firms introduce such tools over the coming year and anticipate firms that already offer plan health tools to continue building out their capabilities, making them more robust and intuitive. Recently, Corporate Insight had the opportunity to learn about a third-party data and analytics provider within the retirement industry, dailyVest, that offers plan health and performance measuring resources to recordkeepers for incorporation into their digital offerings. The company’s PlanAnalytics tool intuitively summarizes key plan health metrics with a variety of infographics and allows sponsors to drill down to view a litany of specific details and participant-level information. Further, dailyVest is developing new technologies that will continue the trend toward even more comprehensive and user-friendly plan health tools.

PlanAnalytics Dashboard (Truncated)

The PlanAnalytics platform includes a dashboard with a customizable set of tiles that communicate a variety of key plan health metrics with simple but effective infographics. For example, a Participation tile shows the number and percentage of participants who are active and non-contributors, and a Retirement Readiness tile notes the number and percentage of participants on track for, making progress toward and not ready for retirement. Most tiles link to an interface where sponsors can see a more detailed view of the related data and drill down using numerous view-by and filter options. For example, sponsors could follow the Participation tile’s link to view data and a related bar chart comparing active and non-contributors, which they can parse and filter by a litany of factors and demographics. Sponsors could then identify employees who are not contributing and review their account information, making it easy to uncover which participants may be in need of outreach or assistance.

Active vs. Non-Contributors by Age

Sortable Table of Non-Contributors

dailyVest is also developing new features for the PlanAnalytics tool, including trend and benchmarking capabilities. Both these new features will add valuable context to metrics, developments Corporate Insight expects to see more of in the future. Plan trend information shows sponsors how certain metrics, such as plan participation rates, have changed and can help them get an idea of how those metrics may evolve. Further, trend information can help sponsors who have made changes to plans, like adding auto-enrollment, or who have made outreach efforts, like instituting educational programs, understand the impact of those changes or efforts. Plan benchmarking can help sponsors understand how their plans and participants’ portfolios stack up to similar plans within their peer group. This can provide valuable context to sponsors and help them understand how well their plan is performing and identify potential areas needing extra attention. Hopefully, developments like this will help sponsors administer their plans more effectively and have a widespread, positive impact on their employees’ retirement readiness.