In November, in conjunction with The Pensions Regulator, we held a Pensions TechSprint in Edinburgh.
Held over two days, over 100 software developers, subject matter experts and senior executives explored how technology can increase consumer’s engagement with their pensions and assist them in making decisions on their retirement options.
Eight teams competed for four prizes:
- The Fast award for the solution that could be implemented most quickly
- The Eureka award for the most original idea
- The Jump award for the solution that has the potential to make the largest material difference
- The People’s Choice award for the for the team that was most collaborative and supportive throughout the event
The teams and solutions were:
- T-Pot (winner of the Fast award): developed a tool that allows individuals to connect their retirement goals to their investment strategy in an engaging and user-friendly way.
- Fortune (winner of the Eureka award): developed an AI solution that helps identify and predict potentially vulnerable consumers who are not sufficiently engaging with their pension.
- Pension Pal (winner of the Jump award): developed a multi-purpose tool that actively engages the consumer with real-time information about their pension and AI enabled automated decision making based on the agreed pension strategy.
- Retire Happy (winner of the People's Choice award): developed an app that provides individuals with a clear view of what actions they should take to bring them closer to their pensions
- DB Mag: developed an interactive tool that provides information to users when transferring their pension on the potential benefits, risks and value gained.
- Motiv8: developed a 'pensions fitness app' aimed at helping consumers improve their financial well-being in the style of a fitness programme – a series of habit forming activities that lead to a positive retirement.
- The Deductibles: developed a solution that presents the pension holder with an informed and guided view of their pension options using different data insights and natural language processing technology.
- Trust Builders: developed an integrated secure platform that allows consumers to find information and guidance to help them in their retirement journey.
We believe the event was an important step in creating an atmosphere of collaboration, and will be the start of some transformative ideas to meet the challenges of engagement and decision-making in the retirement income market. We would like to again thank our data and technology providers: Kortical, Evolution AI, Pensionsync, Evalue, Which? and JLT.
We have held, in conjunction with TPR and our Behavioural Economics and Design Unit (BDU), follow-up workshops, with three of the teams from the TechSprint (DB Mag, Pension Fit and T-Pot). The workshops focussed on the feasibility of, and consumer engagement with, the solutions developed by the teams at the TechSprint as well as the potential for testing their ideas using randomised controlled trials. Discussions are continuing with the teams on possible next steps, including progressing the ideas to Proof of Concept stage and potential consumer testing.
In addition, we are keen to discuss more broadly any innovative ideas or potential solutions on consumer engagement and decision-making on pensions. Please contact [email protected] if you are interested in discussing any concepts you may be working on in this area.
Find out more about our previous TechSprints: