This article was first published in the April release of Benefits and Pension Monitor.

Over the past few years, there has been a significant and noticeable shift in the pension and benefits industry when it comes to systems administering their plans. The demands of organizations have moved from looking for an administration system, or administrator, to a modernization approach. Not only has the shift moved in terms of terminology, but there has been a significant increase in demands to modernize. We, at Sagitec alone, have received more than double the demand for modernization projects in 2020 versus the same period in 2019. What has prompted this shift in wording, increase in demand, and what are the benefits of modernization?

PRISM, an IT conference targeted at public pension administrators, is always a fantastic venue to learn about what’s trending, share lessons learned, and network with pension agencies from around North America. And, the 2019 PRISM conference did not disappoint!

Are you well versed with pension/retirement terminology? If not, take a go at our pension alphabet.

Digital Transformation is definitely the rage du jour – and for good reason.  Traditional business models have been assaulted as innovative companies radically improve performance and customer reach.  Digital advances such as analytics, mobility, social media and smart embedded devices are changing business models, customer relationships, and entire value propositions.

In a perfect world, a newly implemented software system would go-live with no PIRs (Problem Incident Reports). And everything would look and function exactly how the client had envisioned - flawlessly. Surely, an understandable aspiration; however, let’s look at whether or not that is a realistic expectation.

There has been some confusion in the market about the scalability of Sagitec’s pension administration solution, Neospin™. Some industry representatives assume that Sagitec can only serve large agencies, this however, is not accurate.

After contemplating this inaccurate assumption, I have surmised that these comments are merely a product of how the human mind operates. People use available information to explain the cause and effect of events in an effort to make sense of the world. Therefore, these individuals are attributing Sagitec’s recent project acquisitions to the market segment the firm is able to serve. This attribution, however, is not accurate.