Smart Pension has launched a one-year customer service plan aimed at enabling 95 per cent of everyday pension tasks to be completed in-app or online by 2027.
The master trust currently enables around 90 per cent of everyday tasks to be completed digitally and said the new target will be supported by AI and automation.
This includes routine administration, such as changing contributions or consolidating pensions, which will be handled through its digital channels, allowing customer service teams to focus on more complex queries and life events such as retirement, bereavement and illness.
Smart Pension has also moved its email, chat, phone, text and social messaging channels onto a single cloud platform. It said this will allow members to move between channels without having to repeat their information.
The provider said members will continue to have access to customer support, with retirement appointments typically lasting 25 minutes and providing personalised guidance.
Smart Pension said it is able to make the changes through its Keystone technology platform, which has been used by the business since it launched in 2015, rather than having to integrate new technology with legacy administration systems.
Smart Pension chief operating officer Sue Whittington says: “Service is our priority. By automating routine transactions we give members effortless self-service at any hour. It also gives our teams the time to focus on the complex issues that matter most to savers. By prioritising our members in this way, we are able to deliver a service that is easy to interact with while maintaining the empathy and judgment only human conversation provides on more complex matters. No one else in the industry is focussing on this and we see this as a significant gap for savers.
“We are replacing administration with service in transitioning from a costly administrative approach to a value-creation model that prioritises member loyalty and differentiated service excellence. Data insights inform member segmentation that enables personalised engagement and support.
“Members value expertise and connection over transactional admin. They want to be confident that their needs are met and how we help them translate their pension pot into their future life in retirement.”
Keystone by Smart chief product officer Bahea Izmeqna says: “Keystone enables financial services organisations to serve their clients and customers better and faster. The strength and flexibility of our platform allows us to deliver innovative retirement technology. As we continue to integrate AI and automation into our platform, our clients are able to invest more in customer service, prioritise human interaction and personalisation, whilst making pension administration simpler and even more efficient.
“Keystone makes pensions easier and cheaper for organisations everywhere to provide. It also gives savers the experience they’ve come to expect from best-in-class ecommerce sites and online banking. We are making a technologically fragmented industry more user-friendly for everyone.”