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Product and Service Management - An Order of Operations

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Presentation Slides

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.        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      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    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.        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     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