Government Advisory on Tech for Pension Regulation

Carrying out a review of national pension (pillars 1, 2 & 3) provision for Govt regulator.

The Challenge

The main Government financial services regulator in a major economy sought to gain knowledge and information on the full range of pension products in the marketplace.

These were pensions in pillar 1, but mostly pillars 2 & 3.

There was a wide range pension technology in use in the marketplace to deploy the different types.

Our client had a strategic ambition: to transform itself into a data-driven regulator.

Our client had a problem as it did not have sufficient in-house pension (and pension technology) expertise and understanding.

Our client also wanted the pension research project to be undertaken confidentially on an initial ‘proof of concept’ basis, with later stages rolling out the solution should the various stakeholders agree and approve the client’s overall strategy.

Our Move

We worked closely and intensively with the client to agree the scope of the review.

We decided together the types of pension products and pension technologies that would be under review.

We then proceeded to source the relevant pension data from the client’s extensive data archives.

The client wanted a logical diagram/map of the results of the pension research.

Our client wanted to define, design and build a new pensions ‘data lake’ and – potentially – an artificial intelligence approach to parsing and analysing the pension data.

The new solution was intended to enable the client to predict issues of concern in the market relating to individual regulated pension providers.

This required extensive pension technology functional and technical specifications and we worked with our client’s specialist AI and data science resources to achieve this.

Based on the extensive work done and the documents produced, our client was in a position to assess the potential capabilities of the design of the new data mining and reporting solution.

The pension technology under review was deemed to be of great interest but – at that time – beyond the ability of the client to deploy at that time.

The Result

Our client absorbed all the knowledge gained during the research/measurement, design and documentation phase of the work.

Our client extended its understanding of pensions and this continued, internally.

Our client has gradually built on the pension technology with a view to achieving its overall strategic goal of becoming more like a data driven regulator in the near future.