Insight

My last articles have created a buzz by outlining how our OrionAI application is revolutionising the pensions industry, bringing greater efficiency, speed, and accuracy to the production of benefit and calculation specifications. In this final chapter, I want to focus on the future use of OrionAI in the short to long term – to quote Buzz Lightyear, I’ll outline how OrionAI can take the industry “to infinity and beyond!”.

A natural step in creating benefit and calculation specifications is to apply AI to how they are used throughout the industry. OrionAI can change how we do things, making the industry more reactive and agile to change. Ultimately, being more efficient and helping create a more responsive industry will form an improved member service and journey.

Transformation & Automation

AI will transform the approach and methodology of how calculation code is developed and ultimately AI will write the calculation code. Extending on this AI has the power to also test and enhance calculation code to maximise coverage and automation. AI will bring greater efficiency at every stage of the lifetime of pensions administration, from scheme set‑up through to provider transitions and member fulfilment.

OrionAI will vastly improve the experience at every step of the journey.

And Beyond…

AI is rapidly changing the way we do things in all parts of our lives, and pensions should be no different. In the future, there may not be a need for complex administration platforms as AI calculates on demand, removing the need for complex calculation code and parameters. Could the need for calculation code in administration platforms become redundant due to the power of AI?

Collaboration

No one organisation will change the future of the pensions industry. We’d love to hear your views and get your input into how we shape the future of OrionAI. We look forward to seeing you at the PLSA conference, and if you have time, showcasing OrionAI for you.