1. / Financial Advisor Gets Retirement Benefits Calculator to Predict Over 30 Years Ahead
Overview

The use of predictive analytics in mimicking real-life scenarios has far-reaching implications on decision-making and business growth. With the vast amount of data available now thanks to digital banking, online investment, etc., predictive analytics helps financial institutions streamline their offerings and target the right customers with tailored plans.
The customer, an online financial investment advisor, wanted to implement data science methods to predict plan outcomes, generate automated reports and uncover opportunities for growth.
 

Problem

After analyzing the customer’s needs from the project, we recognized a few challenges.
 

  • Lack of visibility into retirement plan viability
  • Lack of feasibility calculators based on fixed desired post-tax annual income, adjusted for inflation. 
  • Inability to analyze income data from different income sources
  • Need for an automated report based on the different scenarios its end users may get into
Solution

Apexon leveraged our capabilities in data science and predictive analytics to formulate a customized solution that can:
 

  • Model the financial retirement plan in R
  • Evaluate the annual retirement desired income and fulfillment for 30 years
  • Evaluate the plan using the Monte Carlo Simulation technique for most optimal number of simulations
  • Generate an R Markdown report based on the scenarios picked by the end client
Impact

The predictive analysis-based solution was tailormade to deliver specific benefits for the customer, including:
 

  • Accurate prediction of the  success and failure of their retirement plans over a period of 30 years ahead
  • Additional cross-sell and upsell opportunities

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