The incorporation of robotics into the pensions industry is “an opportunity to be seized”, rather than dismissed, the Pensions Administration Standard Association has said.

According to PASA chair Margaret Snowdon, evidence from other sectors has shown that automation and the development of robotics changed the jobs people do, rather than reducing employment. As a result, as robotics move into areas like pensions administration “fantastic initiatives using technology, such as gamification and voice biometrics” can be used for the good of members, she explained.

As well as delivering better results and communications for members, robotics can also aid those working in the pensions industry, Snowdon stated.

“Central to the success of robotics in our industry will be to listen to members and understand how they want to engage so that we ensure that where they want interaction with a person they have it. If we juggle this fine balance in the right way then skilled pension professionals can be freed up from repetitive tasks to instead focus on providing the service and the help that members truly want and need.”

With the upcoming GDPR regulation, Snowdon explained how robotics could have an impact on data management in the pensions industry and as a result could restore member confidence in the sector.

“Critical to the success of robotics is that the volume of poor data is addressed, as data must be good enough to allow the technology to follow an automated pathway and to help members make more appropriate decisions. This will no doubt pose a hurdle for many, but should already be high priority for schemes in preparation for the new GDPR regulations.

“If we commit to getting this done and the incorporation of robotics is managed in the right way, then we have the potential to restore confidence in the industry and in saving for retirement overall. It could help avoid the spectre of pensioner poverty and greatly enhance members’ retirement outcome potential.”

Share Story: