LONDON, 12 October 2023 – Buck, a Gallagher company, an integrated HR, pensions, and employee benefits consulting, technology, and administration services firm, has today announced that it is developing an artificial intelligence (AI)-powered data management tool for U.K. pension schemes. The new proprietary tool will be used to assist pension schemes with their data cleansing requirements, ensuring the accuracy and integrity of member records.
Research carried out by Buck found that data mining typically accounts for over 40% of the data cleanse effort and currently consumes around half of a project timeline. Whilst most data cleansing projects involve manual data mining, Buck’s new tool will leverage AI to evaluate vast volumes of unstructured data across multiple source types including handwritten notes, Excel sheets, and PDFs.
Implementing AI for data cleansing allows for the creation of automated, streamlined processes, reducing project timelines and costs. This comes at a time when the buyout market is extremely competitive, making an attractive data journey even more valuable. Indeed, Buck’s analysis suggests that a well-managed data cleanse vastly improves the attractiveness of a scheme to insurers and can lead to a saving of up to 4% on buyout premiums.
The AI tool is also relevant to schemes’ overarching data journey plans, particularly in terms of GMP equalisation, scheme digitalisation, and preparation for the U.K. Pensions Dashboard Programme.
Buck’s AI tool will launch fully for clients next year.
Lee Cook, Head of Pensions Administration, U.K., Buck, a Gallagher company, comments:
“We are confident that AI has the potential to reshape the U.K. pensions industry and deliver valuable benefits to our clients. The ability to rapidly and comprehensively analyse large volumes of data is a standout benefit of AI, and we’re committed to investing in privacy and security at every step as we explore this capability. By developing this support for our dedicated pension project teams, we are helping them to reach their ambitions in a way that prioritises cost and resource efficiency.
“Even if a buy-in or buyout goal is some way off, schemes can still greatly benefit from being prepared by having accurate and streamlined data processes in place. Prioritising data cleansing now can prove a huge relief when schemes eventually enter any insurance transaction process.”
ENDS
About Buck
Buck, a Gallagher company, is an integrated HR, pensions, and employee benefits consulting, technology, and administration services firm. Founded more than 100 years ago as an actuarial consultancy, we’ve evolved to serve organisations and Trustees across the health, wealth, and career spectrum.
With the ultimate goal of securing the futures of our clients’ employees and members, we develop tech-enabled programmes that engage individuals and drive organisational performance. Our award-winning engagement solutions and people-first approach empower the world’s most forward-thinking organisations to protect the physical and financial wellbeing of their employees and members and improve how their people work and live. For more information, visit www.buck.com.
About Gallagher
Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.
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