The “Egen Pensjonskonto” (Own Pension Account) reform is a major leap towards individualization of the Norwegian pension system. This is the first paper in a series of three exploring what the reform means for the pension industry and individuals.
The introduction of Egen Pensjonskonto, expected to come into force in 2021, will bring new competition to the industry. In the end, providers need to be attractive to both employers as well as members, and emerge as the preferred pension partner.
The reform promotes futuristic elements that can potentially transform the defined contributions pension scheme (ITP) from a B2B dominated space to a competitive member driven market space. This results in paradoxical consequences for pension providers. On one hand they need to exchange new data and interact on new processes to meet some of the key features of the reform, on the other hand, they need to compete to retain customers.
Bringing the reform into action will have multiple facets such as consumer education, change management, definition of new standards, refining business rules and finally bringing in robust technology/systems changes.
In the reforms also lies the opportunity for the industry to emerge into a futuristic way of working, where pension providers can collectively reduce their operating costs, while competing to provide compelling differentiated customer offerings.
While touching upon some of the above facets at a high level, this paper takes a deeper look at future technology eco-systems and proposes potential approaches in this direction. It's the first in a series of three insightful papers on how the industry can leapfrog the reform taking advantage of digital technologies.
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