A lack of pensions awareness and costly financial advice is a major issue in the UK, meaning that millions of people are left to make important financial decisions without access to professional support.

However, Hymans Robertson has developed a scalable solution powered by actuarial modelling to guide savers and help them achieve their financial goals.

Branded as Guided Outcomes (GO) – the actuary in your pocket, GO is a robo-guidance model that is outcomes based, aims to provide easy-to-follow information and is designed to cover all parts of the savings and retirement journey.

In the savings phase, this involves the GO tool continually monitoring pension members' positions and providing them with nudge guidance so they can take corrective action to improve their retirement outcomes.

The GO products are designed as a suite of modular application programming interfaces (APIs) and widgets, which allows them to be used widely. They are currently used across a range of pension and savings products for both non-advised and advised customers.

Hymans Robertson says GO has had a transformational effect on pension members, with around two in five immediately increasing their pension saving after using the solution. It adds that people's understanding of their pension also doubled after using GO.

InsuranceERM's judging panel were most impressed with the robo-guidance model. One judge remarked that at last was a model not written by actuaries for actuaries, but "one with a real-world use for customers".

Another judge said Hymans Robertson's "actuary in your pocket" is delivering positive actions and tangible benefits for pension members that don't have access to financial advice.

The final word goes to a judge who described the tool as a "clever and innovative solution".