1) Case Study:
The Perfect Storm
Business Challenge
This
large
insurance
company
with
over
3
million
Participants
has
faced
the
“perfect
storm”
of
challenges
over
the
last
several
years:
The
need
to
move
from
an
individual
annuity
product
to
an
open
architecture
mutual
fund
product.
The
realization
that
their
legacy
proprietary
technology
would
not
support
open
architecture,
prompting
a
massive
change
in
recordkeeping
infrastructure.
Sweeping
regulatory
changes,
which
magnified
their
product
gaps
as
they
moved
to
provide
services
to
customers
who
were
fairly
uneducated
in
their
emerging
fiduciary
responsibilities.
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Our Approach
This
client
requested
a
“mentor
me,
but
let
me
lead”
approach
to
leveraging
BridgePoint’s
expertise
–
choosing
specific
assignments
and
challenges.
Having
a
long-­â€term
relationship
with
this
Provider,
our
key
value
proposition
is
focus,
validation
and
execution.
We
continue
to
guide
them
to
the
most
important
issues,
help
them
validate
their
decisions
and
options
against
industry
norms,
and
expedite
execution
by
leading
and
supporting
various
strategic
initiatives.
The Findings

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
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
The
product
lacked
the
discipline
required
to
thrive
in
the
competitive
open
architecture
environment.
Data
requirements
were
ill-­â€defined
and
not
aligned
with
the
product
offering,
thereby
impacting
quality.
Costs
were
not
well
understood
and
competitive
insight
was
missing
Critical
baseline
functional
areas
–
such
as
ERISA
Compliance
and
Consulting
–
were
non-­â€existent.
Plan
onboarding
and
implementation
were
not
positioned
for
success.
The Solution

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This
Provider
had
the
good
fortune
of
high
customer
loyalty,
and
better
than
average
success
in
the
marketplace,
requiring
them
to
simultaneously
manage
significant
growth
while
changing
the
product,
operating
model,
and
technology
platform.
Contending
with
a
significant
transformation
while
concurrently
servicing
customers,
proved
to
be
a
formidable
challenge.
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Implemented
a
comprehensive
service
offering,
which
led
to
a
strategic
gap
analysis
and
creation
of
a
roadmap
to
close
key
product
deficiencies.
Designed
an
end-­â€to-­â€end
data
model
as
a
baseline
against
current
state,
supported
by
a
detailed
plan
to
address
critical
challenges.
Advised
on
the
development
of
a
detailed
cost
model,
including
education
on
costs
that
were
unique
to
this
Provider,
targeted
areas
for
efficiency
savings,
and
quantification
of
product
gaps.
Designed
and
implemented
an
ERISA
Compliance
and
Consulting
practice.
Re-­â€designed
plan
onboarding
and
implementation
processes
to
manage
in
a
high
growth,
sole
recordkeeping
environment.
The Value Realized
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Demonstrated
ability
to
confidently
onboard
40%
more
plans
without
incremental
staff.
Key
product
gaps
are
expected
to
be
closed
by
July
of
this
year.
Enabled
a
single,
cost
baseline
framework,
from
which
common
targets,
goals
and
action
plans
could
be
identified
and
executed.
Mitigated
service
failures
and
financial
losses
in
16
areas
of
the
Provider
organization
that
were
associated
with
the
introduction
of
the
open
architecture
product.
Established
ERISA
compliant
plan
Doc
Management
and
Consulting
practice.
About BridgePoint
BridgePoint
Group
was
formed
in
response
to
escalating
market
dynamics,
which
have
led
retirement
providers
to
face
complex
challenges.
We
specialize
in
helping
organizations
improve
their
business
performance
by
better
aligning
efforts
with
what
customers
value
-­â€
and
are
willing
to
pay
-­â€
for
services.
Our
associates
bring
an
average
of
20
years
of
hands-­â€on
leadership
and
deep
industry
expertise.
Our
strategists,
advisors
and
practitioners
represent
the
knowledge
of
dozens
of
industry
leaders
-­â€
from
plan
sponsors
and
recordkeepers
to
vendors
and
beyond.
We
provide
the
guidance
needed
to
accelerate
execution
and
deliver
real
results.
connect@getBridgePoint.com  (855) 274-3434
www.getBridgePoint.com
