The importance of artificial intelligence (AI), data analytics and big data to help companies transform and manage their customers has caught the attention of pension fund administrators (PFAs) and stakeholders. of the pension industry.
According to them, these have a key role to play in the evolution of industries and have become a massive driving force for the transformation of all businesses in the world today.
With this in mind, the Association of Pension Fund Operators of Nigeria (PenOp) recently held an industry seminar to educate and showcase the benefits of adopting AI and analytics. data. The seminar was tagged: “What do data analytics, artificial intelligence (AI) and Big Data have to do with pensions?”
The online session, which was open to retirement professionals, aimed to answer questions such as: How does AI relate to the retirement industry? Can big data help the industry make better investment decisions? All of these and more were discussed at the recent PenOp Knowledge Sharing Session.
The session, which brought together more than 200 retirement professionals from different levels, was moderated by Jania Okwechime, partner in Deloitte’s Risk Advisory division and head of data analysis in West Africa. She assists organizations on their journey of transforming data and analytics to enable data-driven decision-making across the organization.
To begin with, participants were introduced to what data analysis and artificial intelligence really is. One of the key takeaways from the seminar was the primary focus of data analytics as it applies to statistical analysis and data technologies to find trends and solve problems.
The session looked at how we all interact with AI in our daily lives. i.e. through the use of biometrics, data recapture, facial identification, etc.
He also highlighted some of the key benefits of using data analytics and AI in the pension industry, reduced cycle time, which leads to faster execution, improved accuracy, detailed data capture, flexibility and scalability, improved productivity and reduced operational costs.
The session reassured attendees that AI is not here to take away their work, but rather to help with productivity.
Attendees also learned that AI can help investment managers assess a broader set of data and evaluate it without manual stress. Also, it could be used in the pension industry in the area of data retrieval, chatbots, investment portfolio analysis, customer complaint tracking, customer 360, fraud detection , etc.
This session was part of PenOp’s monthly knowledge session. The session is a forum for operators in the pension sector to network; share ideas and listen to subject matter experts discuss topical and related issues.
The Association of Pension Fund Operators of Nigeria (PenOp) is an independent, non-governmental, non-political and non-profit organization.
PenOp was established to promote pension industry operations, provide self-regulation and ensure that international industry best practices are adhered to by registered operators in Nigeria. It is the umbrella association of all licensed pension fund custodians, pension fund administrators and closed pension fund administrators (PFCs, PFAs and CPFAs) operating in Nigeria.