Applied Data Science in the Pension Industry: A Survey and Outlook
“Data science solutions have a lot of potential, if we can demystify their black-box nature”
The pension sector is increasingly adopting data science and AI-based applications to realise leaner and faster operations or even new value propositions. Machine-learning (ML) techniques could solve many challenges the industry faces, but the sector is hesitant to embrace this dynamic technology due to its perceived black-box nature. Overcoming this hurdle will make it possible to use vast amounts of untapped pension data to identify and tackle a wide variety of issues, such as groups with insufficient pension savings.
Key Takeaways for the Industry
- The main application areas of data science in the pension sector are customer-focused approach, organisation process optimisation and personnel optimisation.
- Security and privacy issues concerning the use and analysis of pension data must be carefully considered and addressed.
Want to know more?
Read the paper ‘Applied Data Science in the Pension Industry: A Survey and Outlook’ by Onaopepo Adekunle, Michel Dumontier and Arno Riedl (Maastricht University).