Introduction by Jackie Noakes, chief operations officer, Phoenix Group
As the COO of Phoenix, I am passionate about the power of data to drive business success and meet the evolving needs of our customers. In recent years, we have embarked on a journey to become a more data-driven organisation, and the benefits are clear.
Data underpins our ability to grow organically, by helping our customers save for retirement, transition to retirement and secure a life full of possibilities in retirement. Data helps us to make more informed decisions about our business, it drives innovation and uncovers valuable insights to inform proposition development and operational strategies.
The creation of our group data office and our strategic data platform has accelerated our journey. I believe that data is the key success in today’s world, and at Phoenix we are committed to continuing to invest in our data strategy, thereby positioning ourselves for further growth and success.
Context
The Phoenix Group is the UK’s largest long-term savings and retirement business that has continued to grow in recent years through a series of acquisitions and mergers that have expanded the group offerings. With £270 billion of assets under administration, Phoenix Group supports 12 million customers with their pensions, savings and life insurance products to provide the highest quality levels of retirement possible.
Due to the nature of Phoenix’s business, there is heavy regulation, meaning compliance is of utmost importance as the security of customer assets and protection of sensitive data is non-negotiable. Any development to the data processes of the organisation needs to have regulation and compliance inbuilt as a cornerstone while being able to expand and adapt to any upcoming regulatory changes.
In 2021 Phoenix recruited Diane Berry initially as chief data scientist and then transitioned to chief data and analytics officer in 2022. The role involves leading its important data transformation programme to become more data-driven, whilst maintaining the highest levels of data governance. Diane was listed in the DataIQ 100 in 2023, which is the only fully curated power list of the most influential data and analytics practitioners. Since 2014, DataIQ has been tracking the rise of chief data officers, chief analytics officers, data scientists, data governance experts and the leaders of key vendors and service providers. Inclusion in the DataIQ 100 is a notable badge of honour that is widely referenced by the individuals who make the cut.
“Phoenix has an incredible track record around acquisition,” said Diane Berry, chief data and analytics officer at Phoenix Group. “When I joined – from a non-pensions and savings background – the business had recently acquired the Standard Life brand and a heritage company, ReAssure, and the teams within the business were transforming their open growth agendas organically. This is by no means the end of the acquisition cycle as we are an ambitious business, which is where my role comes into play. We have a large number of customers stretched across different entities, and we have different books and different policy admin systems which adds to the complexity of integration and uniformity for the data team as we absorb these new business entities. Data is of course critical to this journey and foundational, so the task became to lead the charge on data strategy for our customers across the whole group.”
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