Using Technology to Enhance Pension Administration in Zambia
By Phyllis Tiller, Managing Director of Octagon Financial Services Limited Zambia.
Introduction
In today’s fast-paced digital age, the use of technology is rapidly transforming the way the financial services sector is operating, and the management and delivery of pensions is no exception. Globally, technology has become an essential tool for businesses across various sectors to improve efficiency and as such, Octagon Financial Services Limited (Octagon) has continued to invest in technology with the aim of revolutionizing pension administration, thereby bringing convenience and reliability to its clients. With the rollout of its online pension platform – Octagon Pension Administration System (OPAS), Octagon has also positioned itself as a leader in leveraging technology to enhance the management of pension schemes in Zambia.
The Power of Technology in Pension Administration
Pension administration is a critical aspect of financial services, as it is aimed at ensuring that employees’ retirement funds are managed effectively and securely. Traditionally, this process involves maintaining hard copies, lengthy processing times and has the potential of bringing about errors. However, Octagon Africa has harnessed the power of technology in a bid to overcome some of these challenges and deliver an exceptional experience to its clients.
Introducing the Octagon Pensions Administration System (OPAS)
At the forefront of Octagon’s technological transformation is the introduction of Octagon Pensions Administration System (OPAS), an innovative online platform designed to simplify and streamline pension administration. This comprehensive online system caters to various stakeholders, among them Scheme Members, Trustees, Human Resource (HR) Managers and Client Relationship Managers, each accessing their tailored portals.
Accessible and User-Friendly Member Portal
Through the Octagon website, clients are able to access the OPAS member portal, thereby enabling them to take full control of their pension schemes conveniently. Within this secure platform, members can view their statements, track transactions, claim benefits as well as customize their profiles. By so doing, Octagon ensures that clients have real-time access to their pension information, eliminating the need for time-consuming communication channels and checking their pension statements.
Efficiency and Reliability
One of the key benefits of OPAS is its efficiency in managing pension administration. By automating processes and reducing manual intervention, the organisation has significantly decreased processing times, allowing for faster and more accurate transactions. Whether it is updating personal information or submitting a benefit claim, clients can rely on the OPAS system to deliver prompt results, thereby enhancing overall customer satisfaction as this was the case during the Covid-19 pandemic period were customer interaction had minimal interruption due to the use of technology and innovation.
Enhanced Security Measures
Octagon places paramount emphasis on security when it comes to managing pension schemes as well as puts in place a robust two-factor authentication system which is aimed at ensuring that sensitive member information remains protected from unauthorized access. By so doing, Octagon provides clients with peace of mind, knowing that their retirement benefits are safeguarded.
Why Embrace Technology and Innovation for Your Pension Schemes?
By embracing technology and introducing the OPAS system, Octagon has positioned itself as an industry leader in pension administration thereby providing their clients with the flexibility to opt for its services in a seamless and efficient manner, enabled by cutting-edge technology. The OPAS system also empowers clients to manage their pension schemes effortlessly, providing real-time access to vital information and services.
Furthermore, Octagon’s commitment to providing security and data protection ensures that clients’ retirement funds are handled with the utmost care. By prioritizing accuracy, reliability and speed, the organisation offers its clients peace of mind, knowing that their pension schemes are in secure hands.
Conclusion
Octagon’s adoption of technology in pension administration comes at a time when technology and innovation has become a critical step in transforming the industries and how business is conducted globally. Furthermore, the implementation of its Administration System (OPAS) has revolutionized the way pension schemes are managed, thereby offering clients streamlined processes, enhanced security, and convenient access to pension retirement management.
As Octagon continues to expand its operations across Africa, its commitment to leverage technology will undoubtedly shape the future of pension administration. With OPAS as a testament to its innovative service delivery approach, the service provider is poised to remain at the forefront of the industry, delivering unparalleled services and guaranteed financial security.
