New Partnership Brings AI-Powered Pension Platform to Insurers and Public Plans

Pension administrators in North America are getting a boost thanks to a partnership between Procentia and Wipro. The two firms have joined forces to build an administration platform that leverages generative-AI assistants to automate tasks and make work easier.

The new platform is designed for insurers and public pension plans across the continent, with a focus on pension risk transfer and AI-assisted member services. By integrating their technologies, Procentia’s IntelliPen platform will be paired with Wipro’s operations and consulting services through its Wipro Intelligence offering.

Wipro brings to the partnership a strong history of working with insurers, wealth managers, and retirement providers on modernizing core operations. Their AI-powered operations aim to improve efficiency, advance digital transformation, and reduce risk for pension plans.

Procentia’s IntelliPen is a system that quickly processes large volumes of data while offering self-service tools to administrators and retirees. This platform will serve as the foundation for the new partnership’s administration technology.

The companies have identified key areas where their combined offering can make an impact: commercial off-the-shelf administration platforms built for high-volume, complex plans; end-to-end support for pension risk transfer; generative-AI administration services that assist administrators in retrieving information and making decisions. These are just a few examples of how the partnership will help.

Wipro will handle the operational side of things, simplifying processes, automating effort, and consistently meeting service commitments. According to Jason Gopaul, Procentia’s chief executive officer for North America, clients will run on Procentia’s technology platform supported by Wipro’s work.

The partnership aims to ‘industrialize pension risk transfer operations’ as Ritesh Talapatra, senior vice-president of capital markets and insurance at Wipro, put it. This collaboration also strengthens their joint approach to the retirement and life insurance market.