Traditional life and pension companies are under tremendous pressure to change. Government policy is firmly set to nudge, if not push, the public into taking greater responsibility for its financial welfare. This has led to a change in the number of people looking to buy financial products and the type of products they are looking to buy. At the same time, the use of technology has become ubiquitous in everyday life, triggering a step change in how consumers seek to interact with businesses.
This white paper looks at the challenges facing providers in administering business in the life and pensions industry as we move towards the third decade of the 21st century, and it considers what are the fundamental requirements needed for an administration system if it is to meet those challenges.