For a medium-sized sectorial pension fund, making the annual reports for the regulator was a project that would take several months. The process included a lot of handovers between different departments. The pension fund asked RiskCo to simplify (fewer handovers) and speed up this process.
RiskCo used ProductXpress and the RiskCo’s Calculation Framework to configure a fully automated system to produce monthly, quarterly and annual reproducible reports on the diverse sections of the member population.
RiskCo developed two calculation models in ProductXpress. One to determine the alterations in entitlements and one to calculate the provision from these alterations. Together with the previously developed ProductXpress calculation model that was being used by the pension provider to calculate the entitlements, these models were coupled to the newly configured RRP platform.
With RRP, it is possible to calculate the provisions from member data with one push of the button. By using SAS (an analysis & statistics software product) these outcomes are easily translated into annual reports.
The pension fund has meanwhile successfully produced several annual reports and is very content with RiskCo’s solution.