Nigeria’s pension industry has come behind Artificial Intelligence (AI), Data Analytics and Big Data in a bold statement that these three are key in shaping how industries evolve.
Pension Fund Operators Association of Nigeria in a statement said that 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.
Participants were introduced to what Data Analytics and Artificial Intelligence is really about. A key takeaway of the seminar was that data analytics is applying statistical analysis and technologies on data to find trends and solve problem.
The session showed how we all interact with AI in our daily lives severally through the use of biometrics, data recapturing, face ID. Besides, some of the major benefits of leveraging Data Analytics & AI in the pension industry propped up from decreased cycle time which leads to faster execution to improved accuracy, detailed data capture, flexibility & scalability, improved productivity and reduced operational costs.
Experts also reassured participants that AI has not come to clean off jobs, rather it’s here to help with productivity; help investment managers evaluate a wider set of data and do so without going through manual stress. Oher applications in the pension industry are 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 that enables operators in the pension industry to network, share ideas and listen to experts discuss topical and relative issues.