David Rich
The pensions industry is on a journey towards a new era of member engagement, understanding and decision-making. It is vital that collectively we make pensions easier to understand and more accessible.
You may have heard of artificial intelligence or machine learning. They are sometimes referred to as AI and ML and can conjure up images from a science fiction film or sound like they are not relevant to everyday life.
AI and ML can power sophisticated identity verification and safe online interaction with a pension provider. It can present graphical visualisations of pension outcomes that are personally relevant to a member and make it easier for members to make informed decisions that will make a significant difference to the rest of their lives.
The fact is, much of the technology we use in everyday life, both business and personal, is in some way powered by these technologies. It is not uncommon to speak to a device to turn a light on, check who is at the front door, know what you need to order from the supermarket or find the perfect holiday. What I find exciting is the potential for technology to make the complex become simple.
AI and ML allow a machine or software to learn from data and actions to automate and predict what should happen next. Often, we can look at a spreadsheet and see a pattern or trend in small sets of data. As humans, our ability to perform in this way is limited when compared to a machine. We now live in a world where volumes of data are staggeringly large and growing at an exponential rate. Computers now operate at a scale and speed that was impossible, even just a few years ago. The insights that can be gained from data can be immensely powerful and harnessed correctly, they can provide intelligent decision-making and automation of tasks and actions.
Some people may be wary of this increasing capability. Some people may be concerned it will take away jobs. It may be that this technology changes some jobs, but that will often be for the better. AI and ML can help deliver highly positive and effective user experiences and reduce or remove repetitive, time-consuming and manual tasks from all areas of our lives.
Some uses of artificial intelligence and machine learning could be considered a gimmick but the ability to support pension outcomes changing lives for the better is a game changer.
Heywood Analytics provide a range of efficient and reliable data analysis, cleaning and automation services. We put you in control of your information and help you focus on what you do best - delivering positive member experiences. To learn more about Heywood Analytics, please contact us.
David Rich is Heywood’s Head of Data Services. He has contributed to many data and regulatory initiatives, including the DWP Single-tier State Pension, Automatic Enrolment and the Dormant Assets Commission.
David also works with PASA on various panels, including the Dashboard Working Group.
