The modernization of retirement and pension administration is becoming increasingly critical as complexity, cyber risks, and member expectations rise. Cloud-native, AI-enabled platforms are now a strategic and operational necessity, according to Majesco’s latest report. This transformation is driven by demographic shifts, regulatory pressures, and the convergence of pension, insurance, and pension risk transfer ecosystems. Retirement organizations are under pressure to update outdated systems to enhance trust, transparency, and resilience. Majesco highlights five key trends: overcoming legacy complexity, adopting cloud-native and AI-ready platforms, viewing modernization as a fiduciary duty, leveraging automation and AI for operational efficiency, and preparing for ecosystem convergence. A case study showed significant improvements in efficiency and member experience through Majesco’s solutions, emphasizing the value of modernization in pension administration.
How are technology trends reshaping retirement and pension administration?
