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What has Data Analytics, Artificial Intelligence (AI) and Big Data got to do with Pensions?

This session will be beneficial for

Heads of strategy
Strategic teams
Executive management teams
Risk teams
Investment teams
Team leaders
And those involved in technology, customer service and compliance

Going by current trends, Artificial Intelligence (AI), Data Analytics & Big Data have a key role to play in shaping how industries evolve. The combination of AI and Data Analytics is a massive force driving the transformation of all businesses today. With this in mind, the Pension Fund Operators Association of Nigeria (PenOp) put together a seminar for the industry to educate and show the benefits of adopting AI and data analytics. The seminar was tagged “What has Data Analytics, Artificial Intelligence (AI) and Big Data got to do with Pensions?’’

The online session which was open to pension professionals sought to answer questions such as: What does AI have to do with the pension industry? Can big data help the industry make better investment decisions? All of these and more were discussed at PenOp’s recent knowledge-sharing session.

The session which had over 200 pension professionals of various levels was facilitated by Jania Okwechime. Jania is a Partner at Deloitte’s Risk Advisory division and the West Africa Data Analytics Leader. She assists organizations with their Data and Analytics transformation journey to enable data-driven decision-making throughout the organization.

To start, participants were introduced to what Data Analytics and Artificial Intelligence are really about. A key takeaway from the seminar was the main aim of data analytics is to apply statistical analysis and technologies to data to find trends and solve problems.The session delved into how we all interact with AI in our daily lives. i.e., through the use of biometrics, data recapturing, face ID and so on.

It also highlighted some of the major benefits of leveraging Data Analytics & AI in the pension industry, from decreased cycle time which leads to faster execution to improved accuracy, detailed data capture, flexibility & scalability, improved productivity and reduced operational costs.

The session reassured participants that AI isn’t here to take their jobs, rather it’s here to help with productivity.The participants also learnt that AI could help investment managers evaluate a wider set of data & evaluate them without going through manual stress. In addition, it could be used in the pension industry in the area of data recapturing, chatbots, investment portfolio analysis, customer complaint tracker, customer 360, fraud detection and so on.

This session was part of PenOp’s monthly knowledge session. The session is a forum that enables operators in the pension industry to network, share ideas and listen to subject matter experts discuss topical and relative issues.