BUSINESS PROBLEM

The client, a top 10 name-brand Recordkeeper, partnered with Enterprise Iron deliver to recommendations for optimizing core process costs, customer quality and resource & IT utilization.

Our Team compared their Retirement Division’s performance and delivery models to its industry peers.

The industry comparison was via a proprietary survey including industry peer identification, survey component definition, solicitation and analysis of responses to include:

• Delivery model strategy
• Client Segmentation
• Platform capabilities
• Level of automation including STP channels

OUR SOLUTION

Business analysts conducted interviews, process observations and reviewed existing SOPs to identify enhancements to efficiency, productivity and compliance.

Our Team developed a proprietary survey and compared the Retirement Division’s current state platform vs. industry to assess client segmentation opportunities, channel mix availability and the current level of automation for Straight-Through Processing (STP).

Deliverables consisted of a final written report of insights, opportunities and recommendations to management including:

• Service delivery models inclusive of client segmentation
• Specific recommendations for contributions and distribution process effectiveness
• Technology platform opportunities including leveraging base OMNI functionality
• Industry peer comparison including capabilities, automation/STP and delivery channels

RESULTS & CLIENT BENEFITS

Opportunities existed to improve operating performance through a variety of long-term strategic initiatives, and medium- and short-term people, program and process enhancements.

Key components of Retirement Plan Services transformational agenda delivered as part of the assessment were as follows:

• Industry Survey Results (Comparison of Retirement Division’s STP Product and Service Offer to its Industry Peers)
• STP Roadmaps (Sequenced development of functionality for Contributions and Distributions)
• Recommended Operating Efficiencies – toal of 14 separate items for improved Contribution and Distribution processing
• A Business Process Management framework for improving overall operating performance
• Overall Recommendation Summary – opportunity vs. implementation matrix
• Conceptual Transformation Framework for go-forward opportunity prioritization