In a strategic move to enhance its data capabilities, Pension Insurance Corporation (PIC), a specialised UK pension insurer managing a portfolio of approximately £45bn, has selected FINBOURNE Technology.

The decision, following a meticulous market review, positions FINBOURNE as a key player in providing investment data management capabilities to drive PIC’s overarching data strategy.

FINBOURNE Technology CEO and co-founder Thomas McHugh said: “We’re pleased that PIC have chosen FINBOURNE to streamline their internal and external data management with our next-generation data management and IBOR capabilities. This selection is another validation of our expertise in this field, and we look forward to working closely with PIC, to unlock the potential of their data.”

PIC’s portfolio and its commitment to providing guaranteed pensions to over 300,000 individuals in the UK underscore the significance of this partnership. Leveraging FINBOURNE’s advanced cloud-native financial data management platform, LUSID, and the specialised financial data virtualisation engine, Luminesce, PIC aims to streamline its operational processes.

The selected solution empowers PIC to consolidate diverse data types, including private asset, ESG (Environmental, Social, and Governance), market, reference, pricing, analytics, ratings, and trading data. This consolidation into a unified view is anticipated to significantly enhance operational efficiency.

FINBOURNE’s flexible, API-first data management capabilities are pivotal in facilitating a seamless migration to a standardised data model. This strategic move not only increases accessibility but also ensures timely access to data for a diverse range of enterprise users, instilling confidence in data quality and accuracy.

The scalability of the platform positions PIC to adapt and integrate seamlessly with new and complex data sets.

This foundational enhancement is expected to result in more accurate and transparent financial reporting, aligning with PIC’s purposeful investment strategy. This strategy is crafted to meet the evolving needs of PIC’s expanding stakeholder and policyholder base.

To consolidate and validate multiple data sets, PIC will leverage FINBOURNE’s off-the-shelf integrations with key external sources and providers. This approach encompasses applying complex rules based on multiple fields and sources, automating the validation of data from internal and external sources.

With a streamlined data flow implemented across the enterprise, PIC aims to capture clear data lineage and significantly improve end-to-end transparency. This strategic move positions PIC to make informed, data-driven investment decisions, further solidifying its role in the ever-evolving landscape of pension insurance.

PIC chief data officer Angela Pearce said: “Our purpose is to pay the pensions of our current and future policyholders, and a robust data strategy is critical to achieving this. By selecting FINBOURNE’s data management solution, we are confident that we will drive our investment strategy forward, with an enhanced platform supporting our operations, now and in the future.”