RiskCo was asked by a pension provider to implement a pension fund’s scheme in the administration. The administration of this pension fund used to be managed by another administrator. The scheme had to be modelled so that it would align perfectly with the client’s already existent system even though the old provider used a different administration system.
The data to be migrated also contained some errors and inconsistencies that needed to be solved before the transition.
RiskCo modelled the scheme of the pension fund in ProductXpress and calculated the entitlement of the different pension products. The model was coupled to the provider’s current system.
During modelling, the RiskCo Calculation Framework was used for daily calculations and tests. This way, the delivered pension data and the database that keeps track of all changes relevant to the pension could be verified. Multiple errors in the delivered pension data were detected and resolved.
After cleaning the data, 98% of all policies could be coupled to the delivered pension data. RiskCo successfully completed this project within 6 months.