Financial Services – Pensions

Pension providers must embrace digital transformation to meet needs in a market that is leaving traditional operating models behind.

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An outdated model

Built on welfare economics and ongoing growth, pension models in Europe had the ambition to provide sustainable defined and guaranteed retirement income for individuals for the last half-century. Clearly defined benefits and guaranteed pension schemes for employees with social pensions ensured a healthy replacement retirement income. This even extended to guaranteeing protection against disability, survivorship, unemployment, and early retirement.

The need for something new

The last decades of the 20th century saw the emergence of three key macro trends to disrupt the traditional pension model: A sharp increase in longevity (people living for longer), lower interest rates (lower for longer), and tilting old age dependency ratios. These factors exposed vulnerabilities within the pension system, resulting in a slew of reforms. Different countries are in different stages of these reforms.

Individualization of pensions’ is emerging as a long-term reform trend across Europe. In the long term, the responsibility of ensuring adequate and sustainable retirement income shifts from state to individuals.

A shift to individualization

Individualization of pensions’ is emerging as a long-term reform trend across Europe. Through different levers in the long term, the responsibility of ensuring adequate and sustainable retirement income shifts from state to individuals. With that in mind, making individuals cognizant of this future reality will be by far the biggest challenge pension stakeholders (governments, pension providers, and employers) need to meet. Activating individuals essentially involves nudging them from reactive transactional interaction to proactive advice-seeking engagement.

Digital transformation for the pensions market

We support and advise pension providers in developing their digital strategies and leveraging data to optimize processes and meet customer needs.

Cost Optimization

Optimizing your costs and improving efficiency by helping you make strategic decisions on sourcing your business processes, IT organizations and procurement organizations, including BPO, ITO, Sourcing, and Procurement.

Operational Improvement

Transform organizations by changing how work actually gets done. Ensuring you perform to the best of your ability through enterprise agile transformation, new target operating models, automation, process redesign, LEAN, SAFe and new leadership

Product-Centric Organizations

Switching from a project-oriented way of working to a product-centric organization can help financial services firms meet costumer needs, improving innovation and agility while promoting better use of resources. Eraneos can help you get to the next level: transform into a product-centric organization.

Reimagine and Enable Exceptional Experiences

The experience you deliver and how it makes people feel are crucial. Unfortunately, most pension providers fall short in this area, leading to a loss of customers and business. We help you discover unmet needs and intentions to craft an enjoyable and exciting interaction.