Evolutionary Awards – MIP

Category: Evolution in improving member outcomes

Describe your evolution:

MIP have built a complete integration into Meta’s WhatsApp function whereby we can automatically process two-pot withdrawals. The real innovation in the MIP WhatsApp menu driven BOT is that it not only encourages member self-service but we have built in some innovative authentication methodologies to keep the WhatsApp transaction safe. Firstly, we have introduced voice authentication, where the WhatsApp BOT asks the member to register their voice biometrics. this means that the member has to read a sentence from the WhatsApp BOT before MIP opens the two-pot withdrawal channel to allow the member to transact. The sentence needed to be read by the member includes date and time and the transcription of date and time using a Large Language Model. The WhatsApp channel is then open to transaction for a specific amount of time before re-authentication must occur. Thus, only the member can use the WhatsApp channel to communicate their withdrawal instructions. The WhatsApp BOT then keeps the member in the loop throughout the complex two-pot withdrawal process using standard messaging, including values, SARS submission and responses, documents using the WhatsApp and the mobile phone’s camera, deadlines and collection of sensitive data from the member.

Describe the impact your evolution has had in response to its identified challenges and targeted outcomes.

We believe that the volume of two-pot withdrawals has been hugely underestimated and automation is going to be the winning strategy for all administrators. Our measurement of the transaction time to process the request for a two-pot withdrawal can be reduced to about 2.5 minutes. This is a huge re-factor in time compared to the similar process of processing an exit in retirement annuity administration terms.

Supporting Documentation >