The pensions industry expects artificial intelligence (AI) to revolutionise pensions in some way, a PP poll finds.
Responding to a recent Pensions Buzz survey, 17% said AI will revolutionise the industry a great deal, while 60% agreed it will to some extent.
Of the former group, one said it will "improve service quality by enhancing not replacing roles".
However, one noted the impact of AI may not be necessarily for the better, "but the cost savings cannot be ignored by the major players".
Another noted: "We have to be careful to not lose the human interaction."
Of the 60% who thought AI will revolutionise pensions to some extent, one said it "should improve member involvement" if it is "implemented properly".
Another suggested: "We still need human beings but if used well, it could be a great leap forward."
"We'd have to be luddites not to assume it won't change the way we communicate with members," added a further commentator.
A different pundit suggested while AI will have an impact on the industry, "it will take a long time", with another noting: "It is early days, and this industry moves slowly."
Just 7% argued AI will not change the way things in the industry are done, with one noting: "Pensions is a foreign language to most people, and they want to speak to someone not just have figures produced."
Pensions Buzz is conducted each week to anonymously collate our readers' views on key news and trends. Respondents include actuaries, trustees, investment managers, lawyers, pension scheme administrators and consultants. A new poll is released every Monday!
To take part, email our research team here.
