A Digital Vision for the life and pensions sector

  • techUK techUK
    Wednesday07Aug 2019
    Opinions

    David Haley, Senior Vice President, Business Transformation Services, Atos UK and Ireland explores the key opportunities and challenges life and pensions companies face.

As in other parts of the financial services industry, many in the life and pensions sector are looking for new ways to create value in a disrupted market. As our recently published Digital Vision for Life and Pensions report outlines, responsive digital channels are increasingly important to inform and engage customers. In the digital age, companies must have lean, responsive and scalable operations at their core to stay future-proofed and fit for growth.

Life and pensions companies are undergoing a period of sustained disruption. Competitive pressures, the availability of digital platforms and their ability to handle large volumes of data are key drivers for change in the industry. Combine this with wider societal change and the need to inform, and more closely engage, customers to look after their long-term financial security and this shake-up in the sector becomes clear.

Renewing the fundamentals which underpin an organisation including its IT systems, business process services and related infrastructure combine to deliver total transformation. The strategic deployment of digital technologies such as cloud, intelligent automation, data analytics and machine learning can ensure right first-time processes that are both cost efficient and a delight to the customers interacting with the platform. It is these agile, digital operations which will help companies to address the challenges of legacy while ensuring their technology infrastructures are future-proofed.

However, life and pensions companies must go a step further than simply deploying the right technologies. They must create the standout services and relationships that help millions of citizens to achieve long term financial security, whilst ensuring client experience is at the heart of both design and operation. The increasing use of intelligent automation technologies ensure right first-time processes while generating huge amounts of data that can be used to achieve operational excellence and respond  to customer needs.

Finding the right digital and transformation partner is paramount to success, but of equal importance is partnership between colleagues: involve employees, not just as subject-matter experts, but as integral to co-creating a truly customer-centric service culture. This level of engagement is critical to the reinvention of business processes.

With costs rising and a pressure on margins, digital transformation is vital if life and pensions companies are to gain the necessary efficiencies while also attracting and retaining new generations of customers. This fundamental transformation creates operationally excellent businesses that are fit for the future. This is necessary across the financial services sector but particularly essential for life and pensions companies given the vital role they play to safeguard the future for the customers they serve.

Visit Atos’ Digital Vision for Life and Pensions to explore the key opportunities and challenges life and pensions companies face and an examination of how total transformation of business processes is paramount for long term success.

 

About Atos

Atos is a global leader in digital transformation with over 110,000 employees in 73 countries and annual revenue of over € 11 billion. European number one in Cloud, Cybersecurity and High-Performance Computing, the Group provides end-to-end Orchestrated Hybrid Cloud, Big Data, Business Applications and Digital Workplace solutions. The group is the Worldwide Information Technology Partner for the Olympic & Paralympic Games and operates under the brands Atos, Atos Syntel, and Unify. In the UK & Ireland Atos delivers business technology solutions for some of the country’s largest public and private sector organisations. Atos is a SE (Societas Europaea), listed on the CAC40 Paris stock index.

 

The purpose of Atos is to help design the future of the information technology space. Its expertise and services support the development of knowledge, education as well as multicultural and pluralistic approaches to research that contribute to scientific and technological excellence. Across the world, the group enables its customers, employees and collaborators, and members of societies at large to live, work and develop sustainably and confidently in the information technology space.

For more information, visit atos.net.

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