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Rewards Provider Consulting

In search of cruising altitude


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It’s been a difficult climb for retirement services companies lately, with many facing sustained turbulence. In a difficult economy, providers are reconsidering their business value to the overall enterprise and trying to operate more efficiently with fewer resources. When it comes to the regulatory landscape, the only certainty is that there will be more regulation. This makes for an unforgiving environment for companies in search of a stable, consistent cruising altitude. Deloitte’s Rewards Provider Consulting practice focuses exclusively on retirement services companies seeking to distinguish themselves. Our retirement provider clients do not spend time getting our team up to speed on business issues. We are able to push past the turbulence to deliver experienced professionals who have worked as providers, plan sponsors and consultants in the industry.

Our mission is to help retirement services providers in their efforts to differentiate themselves in the industry. We help them develop strategies with implementation in mind. No matter what segment of the retirement services industry you are in, we’ve been there. We have served 70 percent of all retirement service providers in the Fortune 500, and most of our professionals have worked on the front lines of the industry. From business strategy to product development and business operations, we can help. Our services cover every aspect of the retirement services industry. Learn more about the offering.

Featured Insights

2010 Top Five Total Rewards Priorities Survey
Employer and employee interests align around health, personal responsibility and cost reduction.

Annual 401(k) Benchmarking Survey: 2009 Edition
Staying the course through uncertain economic times: Employers take a “wait and see” approach towards their 401(k) plans.

Under Pressure: Compensation and Retention in a Turbulent Economy
Read the report.

Meet Our People

  • Stacy Sandler, Principal, Deloitte Consulting LLP
  • Dan Rosshirt, Principal, Deloitte Consulting LLP

Related Offerings

Learn More About the Offering

Keep your seatbelts fastened
Product pricing. Segmentation strategies. Operational efficiency. Compliance. These are not new challenges. But they have taken on a new urgency in light of big changes in the retirement services marketplace. And for many companies it is harder than ever to stay focused on the core business while rising to meet such pressures.

One key challenge is that retirement services companies are being forced to tackle all of these problems at the same time, rather than using a more measured, sequential approach that may have worked well enough only a short time ago. In the aftermath of the economic crisis, for many, every part of their business is being reassessed. That’s why it is so important for these companies to have access to resources who can quickly understand how all the parts in their organization affect each other, and can help them in their efforts to put them together in a way that creates more business value.

How We Can Help

Our mission is to help retirement services providers in their efforts to differentiate themselves in the industry. We help them develop strategies with implementation in mind. No matter what segment of the retirement services industry you are in, we’ve been there. We have served 70% of all retirement service providers in the Fortune 500, and most of our professionals have worked on the front lines of the industry. From business strategy to product development and business operations, we can help. Our services cover every aspect of the retirement services industry.

Bottom-line Benefits

Our rewards provider services are designed to help organizations in their efforts to:

Contain costs

  • Appropriately segment products and services
  • Reduce IT application and infrastructure support costs
  • Improve utilization of automation and technology
  • Streamline operational processes
  • Leverage outsourcing to focus on core competencies

Strengthen market position and critical relationships

  • Understand the competitive landscape and your business strengths
  • Comply with evolving legal and regulatory expectations
  • Validate or challenge marketplace opportunities
  • Strengthen relationships with participants, plan sponsors, consultants and third parties

Five Ways to Get More Value Now

  • Understand your real costs. Many providers today offer some products and services at a loss. It’s important to know cost and revenue drivers across your business, and at the plan level. You should also know how your peers are addressing unprofitable plans. Forward-thinking providers are moving ahead by understanding and managing true costs.
  • Know your strengths. In a crowded marketplace, it can be hard to know whether you’re leading or trailing the pack. You need an objective perspective on how you stack up with the competition to make the right business decisions on everything from fees to communications practices. Providing clear messages about your true business strengths, both internally and externally, can give your business the edge.
  • Use a map. The marketplace is launching new products… again. You know there are lessons to be learned and ways to navigate which products will actually deliver ROI. That’s why it’s important to map your existing products and services against the competitive landscape to see where your real opportunities lie. Your next move will be more effective if you have objective perspective about where you sit on the competitive map today.
  • Don’t put compliance on autopilot. When it comes to controls and operations, there is no room for error in this industry. The survival of your business depends on your ability to keep a steady hand on financial controls without running afoul of constantly evolving regulatory requirements. Fee regulations, transparency requirements and the changing landscape require constant due diligence.
  • Tap the right technology. Everyone benefits when all the operational pieces work together, and technology has a big role to play in this. Managing costs through more efficient operations is a key part of delivering strong customer service and keeping your business partners satisfied. With a mature technology marketplace, there’s no reason to have any gaps or manual processes in your operational workstream.

Rewards Provider Consulting In Action

  • We helped a large retirement services company in its efforts to develop a comprehensive, step-by-step plan to launch and implement a new guaranteed retirement income product. Our recommendations focused on market requirements, timing and delivery, and messages and tools for improved distribution of their product within retirement plans.
  • A large retirement services company engaged us to help them in their efforts to assess, plan and lead the conversion effort for their new business implementation process and methodology. We helped them identify effective practices for each function within their conversion group, and determine effective ways to use technology and tools for system setup, as well as provided specific recommendations to improve the project.

As used in this document, “Deloitte” means Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries

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