Two firms are targeting insurers and public pension plans across North America
Two technology firms are pitching pension plans and insurers a system that automates pension risk transfer work and puts generative-AI assistants into day-to-day administration.
Procentia and Wipro have partnered to build pension administration technology for insurers and public pension plans across North America, the two firms said, with a focus on pension risk transfer and AI-assisted member services.
The tie-up pairs Procentia's administration platform, IntelliPen, with Wipro's operations and consulting services, according to the companies.
Wipro will supply what it calls AI-powered operations through its Wipro Intelligence offering, which the company said is meant to improve efficiency, advance digital transformation and reduce risk for pension plans.
Procentia, founded in 2002, describes IntelliPen as a system that lets insurers and pension plans process large volumes of data quickly and offer self-service tools to administrators and retirees.
Wipro said it has worked with insurers, wealth managers and retirement providers for decades on modernizing core operations.
Here's a cleaner version using bullets to break out the three areas:
The companies said the combined offering will cover three areas:
- A commercial off-the-shelf administration platform built for high-volume, complex plans
- End-to-end support for pension risk transfer, including buy-ins, buy-outs, data transformation and annuity certificate administration
- Generative-AI administration services, such as conversational assistants that help administrators retrieve information and make decisions
Wipro will handle the operational side, working to "simplify processes, automate effort, and consistently meet service commitments," said Jason Gopaul, Procentia's chief executive officer for North America.
He said clients would run on Procentia's technology platform supported by that work.
The firms are aiming to "industrialize pension risk transfer operations" for clients, said Ritesh Talapatra, senior vice-president of capital markets and insurance at Wipro.
He said the collaboration also strengthens their joint approach to the retirement and life insurance market.
