Admin Connect Network: A new network for in-house administrators

Isio has launched a network for in-house administrators to share insights and network with their peers, the Admin Connect Network. Members of the network will enjoy exclusive workshops, webinars and thought-leadership articles.

Here you can read a summary of the Network’s re-launch event in June.

What was discussed?

Attendees from a wide range of industries – from the public sector through to retail, financial services and insurance – gathered in central London to make new connections, hear from expert speakers and discuss the latest trends impacting in-house administration. Anticipating the needs of a fast-evolving set of membership behaviours was at the heart of the debate. 

The event featured speakers from Boots and the LPPA and attendees were encouraged to shape the debate through a series of interactive sessions.

Among the pensions challenges addressed was the trend of changing consumer behaviours and the impact this has on bringing the best experience to scheme members. Whilst increased user adoption of – and trust in – online platforms can make the administration process more streamlined and efficient; many members will still require the reassurance of human touchpoints and interventions as part of a multi-channel communication strategy. “It’s crucial to ensure engagement with members remains at optimum levels,” Sam said. “Even members who are comfortable with a guided digital experience will still likely require additional support along the way.”

“Retirement choices can be life-changing, sharing challenges and discussing ideal outcomes with fellow in-house administrators can be a hugely powerful way of ensuring scheme members understand their choices and feel empowered by them.”

Sam Coombes

Director, Isio

Futureproofing pension schemes

With the government’s pensions dashboard legislation fast approaching, attendees at the session also reiterated how a clear, holistic view of good quality member data is crucial for administrators to be able to deliver on their regulatory and strategic objectives.

The challenge is two-fold. First, access to complete data sets can be compromised by outdated digitised systems and sometimes even longer-standing processes, such as paper files with handwritten notes attached. Second, the consolidated data needs to then be stored and future-proofed so that it can be effectively leveraged going forward to meet both business-as-usual and strategic goals.

These member communication and data quality factors directly impact the perennial resourcing balancing act – another common theme from the event. Coombes said it was clear from the interactive sessions that in-house administrators are managing several demands. “Challenges around systems capabilities and the allocation of resources need to be successfully navigated to maintain and enhance member experience,” she added. “And there’s no silver bullet for this.”

 

Strength in difference

Recognising that each scheme has its own unique requirements is an important step in identifying further ways to deliver successful member experience outcomes. But Coombes believes one factor – proactivity – is always critical. “Timing is possibly most important,” she said. “Members will have very limited windows where their interest in their pension is sufficient for them to give it thought over the noise of everything else. It’s about shifting the dial from what a member should do to what a member could do, and that’s usually a huge step forward.”

More often than not, this gap is bridged through targeted and personalised financial coaching or advice. And reaching that end goal, in the context of ongoing pressures around resourcing, data readiness and membership expectations, may seem unworkable at times. But collaboration is an essential part of the solution. “What’s clear is the landscape won’t stop evolving,” said Coombes. “If we can continue to support each other and share insights and challenges from across the industry then we’ll be in the strongest position to deliver the best results for all.”

What is Admin Connect?

Isio Admin Connect is a new peer-to-peer network for in-house pensions administration teams, supporting the industry with in-person events, virtual workshops and online resources. To find out more, or to join our next event, please contact Sam Coombes.

Speak to Sam