India, May 2 -- Pensions, benefits and insurance is long viewed as slow-moving and complex business and the industry as any other industry are on the brink of a digital renaissance. The industry and the regulators are looking at enhanced operations and customer experience through a shift away from legacy systems, soiled data and manual processes. Historically, the sector has operated on legacy systems: Siloed data and heavy manual processes. Member records often change hands multiple times, resulting in data fatigue and service inconsistencies. The need for immediate transparency and traceability is growing in importance as policy shifts like the UK's pension freedoms and India's National Pension System (NPS) reforms gain traction.

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