Trends and challenges of pension systems
Demographic pressure – ageing population and shorter working period practice
- Financial sustainability of the system - pressure on regular correction of pensions (adjustment)
- Regulatory and legal changes - new laws change conditions continuously
- Interstate agreements - complicated procedures when beneficiaries have work experience in several countries (abroad)
- Technological and operational challenges - IT systems are often in use for several decades ("legacy systems")
- Administrative challenges - a growing number of requests and types of disbursement with limited resources
Comping solution -Anomalies and fraud prevention
The growing number of requests and types of payments, constant regulatory changes and legacy IT systems are a major challenge for fraud detection and anomaly control.
Anomalies and fraud increase the cost of pensions, which is already constantly under pressure from demographic trends.
Why Comping Anti-Fraud Solution?
Technology leader according to all relevant analysts (Gartner, Forrester, Chartis, IDC) in several key areas.
An analytics platform that enables data to be transformed into actionable insights at scale, detecting anomalies and fraudulent models.
Comping has successfully implemented anti-fraud solutions in 4 different industries.
Comping anti-fraud solution has been implemented in market leaders in industries such as electricity distribution, insurance, the national pension system and payment service providers.
This is concrete proof of the functionality, scalability and resilience of the system in a real environment.
Benefits for the pension insurance system
Financial savings
By preventing, detecting, and addressing fraud, organizations can save significant amounts of money that would otherwise be lost.
Resource optimization
An effective fraud management system can reduce the need for intensive audits or investigations, which are often more costly and demanding.
Reputation preservation
If the fraud is detected and dealt with quickly and efficiently. On the other hand, organizations that do not have effective fraud management systems may be seen as vulnerable or unreliable.
Risk mitigation
In addition to all the above benefits, reducing the overall risk of financial losses and reputational damage can be considered one of the main benefits.
Fun facts
Integration
The total number of rows that are manipulated on a weekly basis, and whose preparation for the purpose of loading into the SAS system has been implemented, is about 145 million rows, of which data relevant to the implemented business scenarios have been extracted.
Users
After implementation on the production environment of the System, the activities are carried out by 20 users. There are three groups of users: Specialist, Trilager and Administrator.
Implementation
Data integration and preparation represents a significant part (about 40%) of the implementation of an analytical solution of this type
Detection
12 advanced analytical scenarios, which combine about 10 variables/parameters, 3-5 filter algorithms and 3-5 scoring algorithms to create alerts that then go into triage
Words from our satisfied clients
“The system interfaces are fully adapted to users, both visually and linguistically, providing exactly the level of functionality and options they need for efficient work. The implemented interactive reporting module (dashboard) provides real-time information on case-processing statistics, in both tabular and graphical form.
The implemented system ensures the highest level of security in the industry:
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complete tracking (and logging) of system activity for each individual user;
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assigning the minimum required level of permissions to each individual user or user group;
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based on business needs, three user groups have been created:
Specialist – enabled to analyze data and perform case-management steps up to the final review;
Triage Specialist – all Specialist permissions, plus the rights to perform final review, close, and reopen cases;
Administrator – all Triage Specialist permissions, plus the rights to view the implementation of scenarios and assign user roles and permissions.”
Source: Implementation of an advanced analytics system, Comping Tech-Thursday, Hotel Zonar, September 21, 2023
