Life and pensions, the critical challenge
Life and pensions providers now face the challenge of accelerating their response to today’s significant market and technological shifts. We see an exciting future for the supply side of the Life and Pensions industry as ‘Life and Pensions 3.0’. Where 1.0 was focused on lifting and shifting high-volume workloads for immediate cost-benefit without process transformation, 2.0 was about moving to new platforms with only limited transformation. What distinguishes Life and Pensions 3.0 is that it is fundamentally customer centric and digitally enabled. These are the twin drivers for real transformation for product providers, members, trustees and Independent Financial Advisors alike. And Life and Pensions 3.0 has already arrived.
Fully integrated digital operations
To fully realize Life and Pensions 3.0, providers need to achieve fully integrated digital operations to enable pension and investment plan-holders to interact with them easily via their channel of choice. This requires innovative approaches to operational excellence and employee engagement, always with customers at the heart and powered by new, best-of-breed technology platforms. These promises to the industry are delivered today by a clutch of forward-looking UK Life and Pensions companies.
Enabling end-customers to transact through their channel of choice increases use of digital self-service methods. In turn, it’s necessary to utilize people’s skills to manage the ‘intelligent’ parts of the process, applying life and pensions domain knowledge.
Our Digital Vision for Life and Pensions sets out expert views of the future for this industry. I hope you find this stimulates your thinking and I look forward to receiving your thoughts.