2019 has been a record year for pension insurance transactions. Data has been at the heart of every successful deal. It underpins almost every element of operating a pension, from day-to-day processes to delivering long-term strategic goals, your data is at the centre when reducing risk and creating operational efficiencies.
Risk management is most effective when consistent and over the long-term. You can identify problems and fix them in the short-term, but this kind of approach won’t drive continuous improvement. If your data is not present, accurate or complete, it may hold you back when planning long-term and holistic approaches and making important decisions. It’s key to delivering operational efficiency, compliance and good outcomes for members; improving communication and accuracy on projections. Accurate data alongside risk management improves scheme stability, increases member security and safeguards employers from pension liabilities. When your data is in good shape, assets can be calculated to match liabilities and funding objectives can be priced accurately.