Automated Bulk Transfers in 5 days: The next generation is here
“It is change, continuing change, inevitable change that is the dominant factor in society today. No sensible decision can be made any longer without taking into account not only the world as it is, but the world as it will be.” Isaac Asimov, writer and professor.
If you’ve never heard of Isaac Asimov, you will have definitely heard of Artificial Intelligence (AI). Isaac Asimov was one of the fathers and key influencers of the concept of modern robotics. His views, ideas and theories explored a world of technology we had hardly dreamt of at the time. He famously designed the three laws for AI. Created in 1942, Asimov designed the three laws to protect humans from robots. He used his writing to test, break and reform his laws, as his understanding of how powerful technology could be was all too great. Discussing Asimov got me thinking; “how powerful is the technology we have in pensions? And what is it doing for members?”.
One recent major development that sprang to mind is the industry’s first set of automated Bulk scheme transfers. Two of the biggest names in the industry – Standard Life and Scottish Widows – have completed the first ever automated Bulk transfers and it was processed through our Options Transfers service. It’s incredible to think that thanks to technology, a bulk transfer of a few hundred members, can now be completed in days rather than weeks and months. This is excellent news for members.
Going back to Asimov, he asks us to consider; “not only the world as it is, but the world as it will be”. In other words, will the way we are working now need to change? Have we, in pensions, really considered the world as it will be? There are very few things about the future that we can say for certain but, what we can say is that for those still using lots of manual processes it is likely that change will be required and in most cases, is now being demanded.
For many, it is a about competing priorities, which we completely understand and respect. It’s easy for things to be misconstrued as a lack of willing to change when in fact it’s really a delicate and careful balancing act, against what we must to do vs what we’d like to do vs what others would have us do.
At Origo, we’re very aware and mindful of our customers (over 90 brands from across the industry) and their members and clients. We are continuously in discussion with organisations working with each of them to understand their key individual issues and then looking at the challenges collectively to help find ways to elevate that pressure across the board. Each of our services is born out of a need identified, not by us, but by you. And our services are developed to help address those needs - after all, we must think about “not only the world as it is, but the world as it will be”.
Our automated Bulk Transfers service is a prime example of our ethos in action. We listened, we worked with providers to define the requirements and then we delivered - and now that service is delivering for members. Helping to elevate the pressure on teams within organisations, reduce costs and remove paperwork and, of course, improve outcomes for members - Asimov would be proud of our Options Bulk Transfers service. True innovation takes that extra step - anticipating what is needed not for today but for tomorrow. This is exactly what our services are all designed to do; to support the evolving needs of the industry, and most importantly the members.
“It is change, continuing change, inevitable change that is the dominant factor in society today. No sensible decision can be made any longer without taking into account not only the world as it is, but the world as it will be.”