Case Study: An Operational Assessment

Enterprise Iron Financial Industry Solutions, Inc.
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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 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 – 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