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HomeInsuranceOptimizing Performance and Efficiency in Pension Industry: Harnessing Power of Data Analytics

Optimizing Performance and Efficiency in Pension Industry: Harnessing Power of Data Analytics

The significance of data analytics in driving business growth and improving industry efficiency cannot be underestimated. In the digital and globally developed era we find ourselves in, effective data management has played a crucial role in achieving positive and valuable outcomes.

Keeping this in mind, the Pension Fund Operators Association of Nigeria (PenOp) organized a seminar for professionals in the pension industry. The purpose of the seminar was to educate participants on the importance of utilizing data analytics to bring about lasting change within the industry. The seminar, titled ‘Enhancing Operational Efficiency in the Pension Industry through

Data Analytics,’ was conducted online and aimed to highlight the value of data as an asset. It emphasized the need to manage unstructured data for business purposes and gain insights into future trends based on historical data. These topics, among others, were thoroughly discussed during PenOp’s recent knowledge-sharing session.

Professionals from various levels of the pension industry in Nigeria participated in the seminar.

Oguche Agudah, the Chief Executive Officer of PenOp, provided an overview of his experiences and how data has been used in various industries to great effect. He discussed the evolution of data and its practices, emphasizing its ability to optimize workplace efficiency.

The session was facilitated by Adeiza Suleman and Efemena Ikpro, Co-founders of 10Alytics. Both experts in data analytics, they possess more than a decade of experience in management and consulting roles, and have supported industries such as Financial Services, Ed-Tech, Energy, and Automobile Sectors. Their combined expertise has benefited more than 8,500 participants.

The seminar commenced with an introduction to an excellent operating model for businesses through Performance Reporting and the optimization of client experience using Customer Analytics.

The main takeaway from the seminar was the recognition that Data Analytics and Science adhere to the CRISP DM – Cross Industry Standard Process for Data Mining. This process is focused on generating insights, automating business processes, creating data products, providing product recommendations, and enhancing existing products.

The session also covered the application of the “Scientific Method” in analytics, encompassing business understanding, data understanding, data preparation, modeling, evaluation, and deployment.

However, without adequate Analytics, customer data, investment data, marketing data, customer service data, compliance data, and actuarial data generated on a daily basis can become a knowledge deficit and a liability.

Data Analytics can be employed in various areas, including risk management, customer feedback

Analytics, recommendation systems, portfolio optimization, customer lifetime value Analytics, and investment portfolio optimization.

The session which was attended by over 450 pension industry professionals, concluded by emphasizing the importance of establishing a robust data governance structure within the pension industry. Such a structure would enable long-term customized interactions between customers and organizations, facilitated by machine learning algorithms.

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 relevant issues.

Pension Fund Operators Association of Nigeria (PenOp) is an independent, non-governmental, non-political body.

PenOp was established to promote the operations of the pension industry, provide for self- regulation and ensure that international best practices relating to the industry are observed by the operators registered in Nigeria. It is the umbrella association for all the Licensed Pension Fund Custodians, Pension Fund Administrators and Closed Pension Fund Administrators (PFCs, PFAs and CPFAs) operating in Nigeria.

Its role internally, is to add value to its members across all levels; information, education, visibility, networking, strategy, product development, etc. Externally its role is to increase the awareness and visibility of the pension industry and enable external stakeholders understand and participate in the development of this financial sub-sector wherever and whenever possible.

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