Time to step into the future for Policy Administration

Insights

21/03/2024

On March 14, Lumera hosted the webinar „Time to step into the future for Policy Administration in UK Life and Pensions,“ featuring insights from industry experts including Guy Shepherd, CEO at Software Alliance, Richard Smith, Independent Pensions Professional, and Peter Roos, Commercial Director at Lumera.

Aimed at professionals within the UK Life and Pensions (L&P) sector, this initiative explored the transformative potential of 21st-century insurtech, highlighting how the industry can evolve to meet modern consumer demands through innovation, automation, and personalization.

Transformative potential of 21st-century insurtech

The UK L&P sector is currently navigating a landscape filled with challenges such as increased workforce mobility, a shift towards employee-driven pension contributions, and the complexity of legacy systems. These challenges underscore the sector’s potential for technological advancement and regulatory adaptation.

Investment in technology within the sector has traditionally been driven by regulatory needs, leading to an outdated and complex system infrastructure. This scenario emphasizes the critical need for investment in core systems and the benefits of automation and digital transformation to streamline processes and reduce costs.

Read more about Lumera’s vision for 21st century insurtech
Embracing opportunities for innovation

With the sector at a critical juncture, facing both challenges and the need for modernization, there’s a significant opportunity for the UK Life and Pensions sector to leverage current technological advancements. This period of transformation is ideal for investing in systems that offer enhanced connectivity, standardization, and automation. Such strategic advancements lay the groundwork for not only meeting current regulatory compliance but also for paving the way for future innovation, including the seamless integration of Pension Dashboards.

The role of Pension Dashboards

Pension Dashboards in the UK are set to revolutionize how individuals interact with their pensions by providing a unified view of their retirement savings across different schemes. This initiative aims to enhance transparency and empower consumers, enabling them to make informed decisions regarding their retirement planning. By consolidating pension information in one place, Dashboards encourage a proactive approach to retirement planning, potentially leading to improved financial outcomes.

Moreover, the introduction of Pension Dashboards is expected to stimulate competition among providers, fostering innovation and improving service quality. This shift not only highlights the importance of individual engagement in managing retirement plans but also marks a significant step in the digital transformation of the UK’s Life and Pensions sector. Embracing this technology can lead to better customer engagement and more secure retirement outcomes.

Lessons from the Scandinavian experience

Scandinavian countries have led by example in embracing digital transformation within the Life and Pensions sector. Insights revealed the importance of fostering a culture of innovation, where simplifying products and processes goes hand in hand with competitive maintenance. The Scandinavian approach demonstrates the effectiveness of modern software in supporting policy administration and automation, highlighting the critical role of streamlined operations in enhancing customer satisfaction and operational efficiency. This experience serves as a blueprint for the UK sector, illustrating the concrete benefits of adopting modern insurtech solutions.

Discover more insights from the Nordics 

Lumera’s Morning Insights webinar served as a compelling call to action for the UK Life and Pensions sector to embrace the future of insurtech. By adopting 21st-century technologies, the industry can overcome current challenges, improve efficiency, and better serve the needs of consumers. The insights shared during the webinar underscore the importance of innovation, transparency, and strategic investment in technology to navigate the evolving regulatory and consumer landscape confidently.

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