I have worked with pension scheme managers and administrators for almost 20 years and have always been amazed at the vast range of issues they must deal with. Their jobs have often seemed, to me, to be mind-bogglingly difficult and one of constantly having to handle the latest “big thing.”
As a data expert, I have seen the introduction of Common Data Standards, GMP, Dormant Assets legislation, McCloud and now Pensions Dashboards, all of which rely on good data.
For a long time data quality has been difficult and expensive to achieve
I have great sympathy with those tasked with handling the different challenges, as for a long time data quality has been difficult and expensive to achieve. As well as the expense of cleansing, there are issues of workloads generated around actioning the results of quality and cleansing activity, meaning that data quality and cleansing has often been a painful experience. What I have seen in the last few years could be termed a paradigm shift, in what is possible.
Data accuracy can be achieved more efficiently and at a lower cost than ever before.
The availability of rich datasets has greatly increased. Advances in technology, computing power, Artificial Intelligence and Machine learning now mean that data accuracy can be achieved more efficiently and at a lower cost than ever before.
Digital engagement with members is increasing at a rapid pace and the data and tools to support safe and effective engagement are more sophisticated than was possible even just a few years ago. The most recent shift has come as a result of the pandemic. We became reliant on digital communications to stay connected with our friends, families, and colleagues. Older age groups embraced digital in a way never seen before.
The days of achieving good data quality being hard and expensive are behind us.
The combination of technology enabling a new digital-first culture, combined with previously unseen levels of willingness to engage via digital channels, puts the pensions industry in a new and exciting position to adapt, engage and manage the many demands upon them.
There will be challenges and there will be some bumps in the road, but the days of achieving good data quality being hard and expensive are behind us. Getting that right will drive and support all the challenges schemes face.
The pension industry is facing a major shift in member expectations, regulatory demands, and an increased appetite for digital engagement. With a strong technical data and technology background, combined with a passion for positive outcomes, I am delighted to be part of the team ensuring Heywood Analytics provides its customers with the tools to not only cope with these challenges but to thrive and excel, delivering the members the service and outcomes they deserve.
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 began his career as a lawyer, before focusing his attention on championing member outcomes within the pensions industry. 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 and Statement Season working group.