Our client, a top 10 name-brand Recordkeeper, partnered with Enterprise Iron to deliver recommendations for optimizing core process costs, customer quality and resource & IT utilization.
We compared their Retirement Division’s performance and delivery models to 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
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 – total 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