The Pension Fund Operators Association of Nigeria (PenOp) has partnered with renowned EdTech firm, 10Alytics, on how to adopt data analytics to improve the service delivery of pension administrators.
PenOp, in its monthly knowledge-sharing session, titled, ‘Enhancing Operational Efficiency in the Pension Industry through Data Analysis’, sought to adopt data analytics in improving operational efficiency, streamlining processes, and making better business decisions in the pension industry.
The session, which was facilitated by Adeiza Suleman and Efemena Ikpro, the co-founders of 10Alytics, had over 450 pension administrators in attendance.
Oguche Agudah, Chief Executive Officer, PenOp said the partnership with 10Alytics was due to its track record of helping numerous businesses across various industries to provide cutting-edge solutions in improving their operations, increasing efficiency, and making data-driven decisions.
He said, “Leveraging data analytics in today’s fast-paced business environment can help organizations improve operational efficiency, streamline processes, and make better business decisions and the pension industry is no exception. With a vast amount of data at their disposal, pension providers can leverage data to optimize their operations, reduce costs, and improve their service delivery to customers.
“With the pension industry facing numerous challenges such as demographic shifts, regulatory changes, and increasing competition, understanding data analytics has become more crucial than ever.”
Oguche stated that the knowledge-sharing session was important to help pension providers stay competitive and enhance their operational efficiency through data analytics.
Speaking during the session, Adeiza Suleman and Efemena Ikpro, emphasised how data analytics and data science could be leveraged in optimising pension products.
According to Adeiza, it is important to establish a robust data governance structure within the pension industry as such a structure will enable data integrity and access to data within the pension companies.
Efemena, on his part, noted that there are endless possibilities for the uses of data, adding that data analysis and science adhere to Cross Industry Standard Process for Data Mining, which involves generating insights, automating business processes, creating data products, providing product recommendations and enhancing existing products.
The PenOp CEO revealed that the association would look into strategies to engage the younger generation.
“As an industry, we need to do a bit with the younger generation — the millennials — as people complain that when you get a pension, it’s just when you start and when you finish; nothing in between. There is a need for PFAs to establish some sort of communication.”
The first training following this partnership was held from May 23 – 25, 2023 titled “Advanced Analytics Using Microsoft Power BI”. This training was facilitated by Adeiza Suleman with major players within the pension industry in attendance. The participants learnt how to use Power BI to extract insights from data for data-driven decision-making and building Business Intelligence solutions.