From our offices in Princeton, NJ and
New York City, we have partnered with the nation's most prosperous
and influential retirement services companies, including ICMG/The
Hartford, the Newport Group, AXA Group, and Prudential Financial.
Following are a few examples of recent engagements:
Scalable
NQDC Administration The CEO of a leading corporate-owned
life insurance (COLI) provider wanted to realize a dramatic
increase in sales. Recognizing that the company needed to: (1)
improve the competitive positioning of its NQDC offering and
(2) enable the 10-person administration staff to service the
additional, larger plans, the CEO engaged Princeton Consultants
to lead the effort. Princeton Consultants worked with the Operations
department to develop a web-based administration system that
increased functionality and automated manual tasks. Using a
self-service model, the same system allowed participants to
query and transact, plan sponsors to upload files and generate
automatic plan-level reporting, and plan administrators to perform
daily recordkeeping tasks and monitor plans.
RESULTS: With its new scalable system,
the provider was able to compete for and win larger plans; the
average number of participants per plan increased from 11 to
over 300.
Components-based
Administration A leading provider of NQDC services
had recently acquired an innovative 401(k) recordkeeper. Already
owning a well-designed workflow system, the company did not
want to replace its technology. Instead, they chose to partner
with Princeton Consultants to boost overall functionality with
a few well-designed components. The combined entity also needed
to combine sales and product capabilities to present a seamless
product offering. The team first designed an integrated product,
distribution, and client services strategy, helping both organizations
leverage combined sales strengths. Following, Princeton Consultants
created an enterprise database to consolidate recordkeeping
data from both administration systems. Building on the enterprise
database, the team developed a series of standalone applications
(e.g. fee quoting and billing) to enhance customer experience
and facilitate rapid transaction processing.
RESULTS: Workflow improvements tripled
plan capacity for the combined entity. Cycle times for key processes
such as invoicing were reduced from four weeks to just one week.
Best-in-Class
NQDC Services The Chief Operating Officer of a
highly reputable COLI broker was focused on reversing a recent
trend of lost sales. The COO requested that Princeton Consultants
help design and develop a best-in-class NQDC plan administration
product, from pre-sales to ongoing administration services.
The consulting team began by documenting existing sales, conversion
and administration cycles, then held intensive work sessions
with Marketing and Operations to design product functionality
that would most appeal to the broker's prospects. The final
product combined comprehensive client-based reporting and online
functionality with internal task and document tracking, information
management and operations reporting.
RESULTS: With the enhanced, competitive
product the COO realized measurable operational efficiencies
in information sharing, reporting, and relationship management.
Extending the
COLI Sales Force A premier multilines financial
services provider needed to quickly increase its number of effective
COLI agents selling in order to meet sales goals. Due to the
complexity of COLI and NQDC, only a handful of the provider's
thousands of agents were approaching quota. After an audit of
the firm's marketing and operations infrastructure, Princeton
Consultants developed a support system called the "Virtual Sales
Desk," which provided brokers with a structure designed to increase
transparency in COLI sales, and to reduce dependency on wholesalers.
To do so, the team worked with wholesalers to design online
pipeline and sales tools to help move business along more quickly,
while a call center provided immediate connection with topic
experts. In addition, the system provided 24/7 online access
to case reports, brochures, and prospectuses.
RESULTS: The "Virtual Sales Desk" not only
expanded the sales force for COLI, driving sales, it also increased
broker loyalty and wholesaler retention.
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