The Pension Fund Operators Association of Nigeria (PenOp) has identified the role of data management in boosting operators capacity to deliver efficient services to clients.
According to the association, the significance of data analysis in driving business growth and improving industry efficiency cannot be underestimated.
“In the digital and globally developed era we find ourselves today, effective data management has played a crucial role in achieving positive and valuable outcomes, PenOp said.
In view of this, PenOp recently organized a seminar for professionals in the pension industry to educate participants on the importance of utilizing data analytics to bring about lasting change within the industry.
The seminar titled: ‘Enhancing Operational Efficiency in the Pension Industry through Data Analysis,’ was conducted online and aimed to highlight the value of data as an asset.
It emphasized the need to manage unstructured data for business purposes and gain insights into future trends based on historical data. Oguche Agudah, chief executive officer of PenOp, provided an overview of his experiences and how data has been used in various industries for great impacts.
He discussed the evolution of data and practices, emphasizing its ability to optimize workplace efficiency.
The session was facilitated by Adeiza Suleman and Efemena Ikpro, co-founders of 10 Alytics.
Both of them possess more than a decade of experience in management and consulting roles, and have supported industries such as Financial Services, Ed-Tech, Energy, and Automobile Sectors. Their combined expertise has benefited more than 8,500 participants.
The seminar commenced with an introduction to an excellent operating model for businesses through Performance Reporting and the optimization of client experience using Customer Analytics.
The main takeaway from the seminar was the recognition that Data Analysis and Science adhere to Cross Industry Standard Process for Data Mining.
This process is focused on generating insights, automating business processes, creating data products, providing product recommendations and enhancing existing products.
The session also covered the application of the “Scientific Method” in analytics, encompassing business understanding, data understanding, data preparation, modeling, evaluation, and deployment.
However, without adequate analysis, customer data, investment data, marketing data, customer service data, compliance data, and actuarial data generated on a daily basis can become a knowledge deficit and a liability.
Data analysis can be employed in various areas, including risk management, customer feedback analysis, recommendation systems, portfolio optimization, customer lifetime value analysis, and investment portfolio optimization.
The session which was attended by over 450 pension industry professionals, concluded by emphasizing the importance of establishing a robust data governance structure within the pension industry. Such a structure would enable long-term customized interactions between customers and organizations, facilitated by machine learning algorithms.
This session was part of PenOp’s monthly knowledge session. The session is a forum that enables operators in the pension industry to network, share ideas, and listen to subject matter experts discuss topical and relevant issues.