The challenge…
Digesting pension scheme documents and extracting the rules to create a proforma or benefit specification is challenging and time-consuming. The documents are often written in technical, complicated legal language. Understanding and interpreting these isn’t easy, especially if there are ambiguities. Variation in scheme structures and pensions terminology means there’s no one-size-fits-all solution. I don’t need to stress the importance of scheme benefits being analysed accurately…
The cause…
Proformas help structure pension scheme rules and provide additional information for data validations and calculations. They play a fundamental part in how efficiently pension administrators operate. Proformas ensure compliance with legal and regulatory requirements, improving the overall management and communication of the scheme’s benefits and rules. On average, a proforma takes over a week to complete, sometimes longer, depending on the scheme’s complexity. Does it have to be that challenging?
The cure…
OrionAI analyses and digests scheme documents (even digitally unreadable ones!). It understands the context of pensions and populates the proforma. It minimises human error and is trained to understand a scheme’s specific language or preferences.
We’ve been prototyping with several clients, iterating on around 50 schemes – ranging from simple to complicated. OrionAI took an average of 25 minutes to process the documents and populate our proforma, with an accuracy rate of 85%. We’re just getting started, accuracy and confidence ratings are improving daily.
The proof really is in the proforma.
OrionAI transforms the tedious and time-intensive task of populating proformas, allowing our clients to focus on their schemes and member needs.
Look out for part two, where I’ll cover OrionAI’s transformative impact on other industry pain points such as writing Calculation Specifications.
