Challenges in Pension Fund Management are embedded in almost every policy and procedure due to highly customized services and individual member requirements.
Complexity of processes can decrease operational efficiency and harm the Customer Experience, but you can easily overcome these challenges with systematic procedure design and deploying the right solution platform.
The difficulty in Pension Fund processes lies in sophisticated and highly personalized processes that often require Exception Handling. Repetitive (routine) processes that require fewer skills can be easily automated, but complex procedures still require a large amount of human resources. To address this issue, Pension Funds hire highly skilled specialists and continuously train them that increases their operational costs significantly.
Additionally, handling a large number of attached documents and outgoing correspondences can further amplify the intricacies of your business.
Working with legally binding documents leads to several auxiliary requirements as well, such as automated text recognition (OCR), secured document sharing, handling of electronic signatures, tracking document versions, enabling full-text search, ensuring compliance with Data Protection and other legal requirements, etc.
On the procedural side, the complexity lies in personalization, which is an essential part of Member Management and requires exception handling in self-service automation as well.
Today’s Self-Service Portals can effectively manage low-complexity tasks in large volume, but they often facing challenges when it comes to highly personalized member management procedures.
Changing a password, updating and email address, or attaching and uploading documents is easy, but when it comes to a Policy Management it requires a non-linear process management where Self-Service portals often fall short in capabilities.
The combination of these desired functionalities typically results in a requirement for a flexible and highly customizable system where a Low-Code / No-Code platform can decrease development time, eliminate implementation risk and decrease operational costs significantly.
Imagine starting with a pre-customized process template that can cover 80% of your business process management related requirements without any coding.
Think about what if your Pension Fund organization could work like a retail bank, where Customer Experience is the #1 driver of business growth.
Providing top-quality services to all members requires highly customizable omnichannel communication management that can handle all member interactions through all touchpoints and processes in the same way.
Achieving this, your business process management platform requires fluent integration with various vendors’ multiple systems.
A universal digital workplace that can be used by all policy management employees, can ensure a 360 view of all members, save time, improve customer and employee experiences, and enable real-time data sharing between the collaborating employees.
A tight integration of Operational CRM (Customer Relationship Management), BPM (Business Process Management), DCM (Dynamic Case Management), and Email Automation, all assisted with platform-level AI Services, can deliver exceptional business benefits and lower IT risk.
Sharing enterprise knowledge about complex processes (like Policies and Procedures that require high level skills and proficiencies) is not possible without a Smart Knowledge Base that can capture, author, curate, and share knowledge seamlessly among the cooperating team members autonomously.
Avoid the pitfalls of disparate systems, which only compound the already complex processes and may create additional challenges rather than resolve the existing ones.
Instead of risking the creation of a complex system of systems, consider investing in a proven solution that integrates your business and provides exceptional Member Experiences.
Discover how Eccentex has delivered and implemented enterprise grade Pension Fund Management processes and trust its happy customers’ feedback who are willing to share their amazing experiences about the great business results they have already gained.
Eccentex is a leading provider of intelligent automation solutions, empowering organizations worldwide to optimize their operations and enhance customer experiences. Eccentex’s Service Journey solution combines cloud native and robust automation capabilities, advanced analytics, and seamless CCaaS integration to deliver end-to-end solutions across a wide range of industries. With a strong commitment to innovation and customer success, Eccentex enables organizations to drive operational efficiency, reduce costs, and delight customers at every touchpoint.
Learn more on www.eccentex.com