One of the 50 largest pension funds in Europe, PensionDanmark is a labour market fund owned by trades unions and employer associations that implements technology in all relevant processes concerning its members. It is now completely paperless. It was one of the first European pension funds to move its entire IT landscape to a cloud platform, offering full adaptability and real-time presentation for members 24/7.

Security and data ethics are key elements, with no personally attributable data in a fully anonymised process. New services are being added and it constantly reviews the design to increase logins made from telephones and tablets rather than from computers.

PensionDanmark’s digital approach improves efficiency and decision-making at all levels of the organisation. It enables members to project future pension benefits, adjust insurance cover and change investment profiles. Its digital approach to health ensures a speedy process, where members can, for example, speak to a doctor online with an average three-minute waiting time.

This digital approach has resulted in an annual administrative cost of DKK305 (€41) that is among the lowest in the sector, while 94% of members are satisfied or very satisfied with PensionDanmark’s customer service.

Being an early mover on new technology brings risks: unexpected errors can occur, and members can struggle in the interaction with new platforms. But digital solutions are subject to extensive testing in isolated environments before they are implemented, allowing errors to be identified and corrected. Thorough end-to-end testing before release has enabled PensionDanmark to minimise teething problems.

Digital companies require a high degree of security, as they handle much personal data. PensionDanmark is the first Danish financial company to receive a digital certificate (D-mærket), showing that it fulfils certain strict requirements when storing and treating members’ personal data.