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The digitalisation of occupational pension schemes is often still in its infancy. The regulatory requirements pose a challenge for insurance companies and pension providers. The existing processes are complex and some of the business transactions are still carried out manually. This ultimately leads to a cost-intensive implementation that is far from beneficial for customers. One example of why this is the case is that the outdated administrative systems make it difficult to map the regulatory requirements. In addition, the expectations of customers and the insurance sales sector are constantly growing – and this applies to digitalisation and IT solutions, too. Having a straightforward application for new policies and policy amendments, along with a fast and high-quality process for sharing information and documents, are just some of their expectations.

There are a number of good IT solutions for insurance companies and pension providers to not only meet but exceed customer expectations. Simplified and optimised processes, which are automated along the value chain, reduce administrative work and therefore costs. Fast processing and communication with the insurance customer is also an option, which contributes to their satisfaction and thus strengthens customer loyalty.

There are various different digitalisation solutions available

There is a multitude of IT solutions for insurance companies and pension providers, which are often not well known. You will find some of them below.

Modern (administration) systems

Modern and user-friendly administration systems with standardised interfaces to the peripheral systems allow regulatory requirements to be implemented easily and enable digital services to be used. Insurance customers can, for example, enter changes to their data and policy amendments online and send them to their insurance provider. From there, they can be processed further at low cost.

Dark processing

The insurance provider can imported electronically transmitted data from the insurance customer and process it ‘dark’, or in other words, automatically. The documents are generated as requested and transmitted to the insurance customer. This eliminates the need for one of the insurance provider’s employees to do the administration manually (to the greatest extent possible).

Customer portal

A customer portal, also called a service portal, is a digital platform for sharing information and data between insurance customers and insurance providers. Digital communication and sharing and archiving the documents of those involved in occupational pension schemes can also be used for this purpose. Another clear advantage is that dark processing, or in other words, automated processing, can be used for business transactions such as concluding policies or people leaving the company.

Deciding for or against an IT solution

There several IT solutions available for those involved in occupational pension schemes. Which of these are possible options and, above all, useful, depends on a number of factors. Performing a methodological analysis is recommended to make an informed decision. In practice, these are often conducted in the form of workshops involving selected stakeholders. Together, they define the goals they want to achieve and, after determining the current status, develop appropriate action and design options, as well as an IT strategy, should one be required. It is important that trained employees with practical experience perform this analysis. They must not only be methodologically proficient, but also have technological expertise with distinctive technical and business (industry) knowledge. In this way, customised IT strategies can be developed should they need to be, but above all, digitalisation solutions can be used to achieve all the desired goals.

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Picture Sandra Weis

Author Sandra Weis

Sandra Weis works as Team Manager bAV Services at adesso. She has decades of experience in the insurance environment, advises companies on digitalisation projects and implements IT projects in the area of life insurance, especially company pension schemes.

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