By swiftly creating super-efficient response channels that offer endcustomers digital choice and streamline interaction, pension companies can quickly and effectively drive out back-office inefficiency.
First, some figures. There are over 5000 UK private sector defined benefit pension schemes sitting on £1.4 trillion of assets. And 9.6m members rely on those assets for their financial futures. Behind these numbers lies a sector back-office that is overflowing with paper-based processes.
There is a huge volume of administrative communication that goes out to members – from annual statements to tri-annual valuations, transfers out, address or next of kin changes and so much more. And there are frequent regulatory changes requiring processes to be amended, adapted and communicated.