The Philippines’ state-run Government Service Insurance System (GSIS) has hired consulting firm Ernst & Young and its local affiliate to create a blueprint to upgrade the pension fund’s technology infrastructure for its digital transformation.
EY and the affiliate, SyCip Gorres Velayo & Company, will work on the blueprint for the civil service pension fund’s enterprise architecture, including information technology infrastructure, in order to improve its long-term profitability through streamlined operations and expanded service offerings, GSIS says in a statement on June 6. The plan is expected to be finalised this year.
According to Jose Arnulfo “Wick” Veloso, the fund’s president and general manager, the move “marks a significant milestone for the GSIS as we work on a new blueprint that will plot our digital transformation journey ahead”.
He says it will spell out how the fund will utilise cutting-edge technology, leverage data insights and employ best global practices.
The ultimate goal is to make the GSIS a “world-class institution using updated digital platforms running new core pension, general insurance and financial information systems”, he says.
According to Anurag Mishra, a partner at SyCip Gorres Velayo, the fund’s move is a shift from the fragmented solutions and inefficient systems that plague many large organisations.
“By streamlining its technology infrastructure, the GSIS aims to significantly enhance service delivery to its members,” he says.
The GSIS is the biggest pension fund in the Philippines, with two million members and 600,000 pensioners, and 1.74 trillion pesos (US$30 billion) of assets as of end-March.
