Successful customer interaction during the pension transition
Optimal customer contact: crucial for pension transition
Deloitte offers an integrated approach for pension administrators and insurers in client interaction during the impending pension transition. The expected three-fold increase in customer interaction in the transition to the Future Pensions Act will require 1.6 billion man-hours. Our technology-driven solutions guarantee optimal customer experience and efficient processes.
The challenges in the pension transition
With the upcoming Future Pensions Act, which affects 10 million participants, we are in for a significant increase in interaction with participants. The sector expects an increase in the number of questions from participants, especially about the new pension conditions and benefits. This increase, which is expected to be at least three times the current level of customer contact, is likely to result in increased customer contact across multiple communication channels.
Expectations for a personal and detailed explanation of individual pension plans are high, indicating an imminent increase in customer interaction that requires in-depth pension and client knowledge. The increase in customer interaction will put pressure on the contact centres, the mid- and back-office operations of all pension administrators. It is important to understand and act on the challenges posed by this wave.
Is your organisation prepared for the pension transition?
- How does your organisation prepare for an increase in customer interaction during major transitions such as the pension transition?
- How do you ensure that not only production numbers and capacity are scaled up, but that you also create a motivating and supportive environment for your staff?
- To what extent has your organisation been able to innovate, be agile and adapt in response to changing business needs?
We believe that both optimisation and fundamental change in customer contact will be necessary for an effective pension transition. Although fundamental change is usually complex and sensitive, now is the time to persevere and consolidate a leading position in the transition to future-proof pensions.
Our solution to customer interaction as a result of the pension transition
Efficiently managing and optimising all levels of customer contact is crucial for a smooth pension transition. We offer an integrated solution aimed at unburdening, optimising and strengthening all levels of customer interaction. This consists of four parts:
What is the Pensions Knowledge Assistant?
Deloitte is developing a Pensions Knowledge Assistant, a chat interface that answers pension transition specific questions using verified sources and previous conversations for personalised answers. The assistant can load both generic and user-specific resources. The Pensions Knowledge Assistant processes questions, reduces pressure on the customer contact centre and can be deployed immediately without setting up your own knowledge base or chatbot.
Impact on stakeholders:
- Clarity for participants: direct questions about the impact of WTP on their specific situation;
- Less employee contact for employers: answering employees' pension questions for HR departments;
- Better service of funds and PUOs: direct deployment towards the participant and support for customer-contact employee.
Our thinking
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