Influenced by modern, intuitive, and frictionless retail experiences, employers and employees alike have come to expect more of their retirement plan service providers.
However, few providers have been able to effectively meet these evolving expectations. They are hampered by challenges of legacy technology and having to balance limited capital investment with seemingly unlimited demand for change, including customer enhancements, constant regulatory changes, and operating enhancements.
As a result, many providers now seek to transform their technology ecosystem. This can be complex, time-consuming, and very expensive.
TCS has developed a Retirement Services solution suite comprising proprietary platforms, digital accelerators, and business process support. It helps leading retirement service providers with the following:
Increase business viability and speed to market
Enhance key operating capabilities, customer experiences, and outcomes
Reduce implementation and servicing costs
As a strategic partner to many leading global banking, financial services, and insurance companies, the TCS solution suite is specifically aimed at the US retirement industry.
Deployed as part of a full end-to-end platform solution or on a modular basis, each point solution or service can be configured to meet the wide-ranging needs of providers and their customers. The intuitive, orchestrated journeys simplify the experience for all potential users and roles.
With added benefits of integrated experiences, embedded workflow, and transparency, the suite addresses front- and back-end challenges that inhibit self-servicing, straight-through processing, and transparency.
The solution suite solves these challenges across the retirement plan life cycle, from plan sales through the last dollar out.
The Retirement Services suite comprises the following solutions and services:
Figure 1: The Retirement Services solution suite
The solution suite offers service providers the following business benefits:
With TCS, retirement plan service providers can take advantage of the following key differentiators:
Proven industry expertise: TCS’ experts and former industry leaders have over 25 years of relevant experience, which enable them to address unique challenges and help customers create differentiation in the market.
Contextual knowledge: TCS leverages its deep knowledge across the insurance business value chain, having supported the top 50 financial institutions in the US. Domain experts reinforce their expertise through frequent and extensive training on regulation changes and best-in-class practices.
Strategic partnerships: TCS has developed partnerships through transformational initiative and cross-industry solutions. These alliances allow TCS’ customers to identify and realize value faster by translating experience to execution.
What Made it happen