Innovative technology such as robo-advice and artificial intelligence could play an important role in the future of pensions, according to panellists at the annual conference of Pensioen Pro.
At last week’s conference Evert Jaap Lugt, director of tech incubator YES!Delft, gave the example a robotised “pensions expert” that would be able to simultaneously explain to millions of people how their accrued pension would be affected if they were to cut their working hours, or take earlier retirement.
He also suggested that increasing amounts of data could be gathered and analysed by artificial intelligence through the expansion of the “internet of things”.
Health-related data could, for example, be used to assess life expectancy and have an effect on the pensions sector as a consequence, argued Lugt.
He also argued that blockchain could be deployed to increase efficiency in pensions administration and reduce costs – something that is already being explored by Dutch pensions managers APG and PGGM.
Lugt also predicted improved longevity “as bio-technology would improve the ability to recognise and fight cancer, and 3D printing could be used to artificially reproduce human organs”.
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