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Peer Intelligence | Fall 2024

Note of PINterest

Looking forward to 2025 pension administration offerings 

The Peer Intelligence Network (“PIN”) is an online platform enabling collaboration among pension administration professionals around the world. Discover how changes in the pension administration world and insights are shared and discussed on the PIN. 

By Yvette van Velsen

At CEM we always strive to incorporate the latest and future developments in the pension administration world in our surveys. We look at the latest trends, see what other sectors are doing or planning to, what are the expectations of people in general, and members specifically. We talk to our clients, publish best practices, invite speakers to our conferences and all this will inform us of new questions we need to add to the survey to stay up-to-date or in the direction we believe the pension administration is moving.

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A good 20 years ago the lonely website question we had in the survey was whether a system offered one. Now, driven by your members’ experiences outside the pension administration world, such as banking, retail, and other service providers, they expect more. As a result, there is more emphasis on digital offerings such as what transactions your members can do online, are they potentially straight-through, do you keep track of who’s visiting your website, etc. The contact center remains important, but do you also offer a chatbot, live chat? Offering members an omni-channel approach remains key. The pension world might not be as fastmoving as other sectors are but it is catching up and AI is a buzz word here as well.  

Outbound, targeted communication is another area that is getting more attention. Do you reach out to your members when they approach retirement? When missing a beneficiary, new members? All this to ensure your members are engaged at several stages of their life, update their data that is missing in your database, leading to easier transitions when your members are contacting you, whether by phone or website or to a digital path to an easy retirement for instance. 

Customer experience plays an important role in all this. If you don’t listen to members, and use their feedback as well as your staff’s, how can you improve? What can the data tell us about the strategic choices a pension fund is making?  

Our latest report shows the survey results in four different member journeys, each with their own weight, giving a pension plan a better idea of how they compare to their peers on a total service level as well as for a particular journey. 

Another journey we’re looking forward to tackling is the employer journey. With pension funds who might only deal with a handful of employers versus funds who service thousands of employers, it’ll be interesting to see how funds service their employers, what they have in common and how they are different. Expect a survey for our next best practices on employers to land in your inbox in early 2025. 

In 2025 we’ll also be beta testing our dashboard that will be part of the pension administration subscription. What can you look forward to: 

  • Single login for all services 
  • Comparisons of service data/metrics 
  • Download data/graphs 
  • Build your own insights 
  • Share your insights securely with colleagues within your organizatio

Now, how does all this tie to the PIN? Besides us posting conference materials and best practices on the forum, pension funds can reach out to their peers through the PIN, asking questions about the same subject matters as described above. Here are some examples: 

Peer Intelligence | Fall 2024