Benefits System Implementation

The Client

A $20 billion life insurance and personal property/casualty provider.

The Challenge

The client has a business division that specializes in providing group insurance to the small business sector. However, the company had not been overly successful in retaining customers in this market and sought to develop a targeted market solution to improve customer retention. The company has built a prototype of an innovative Internet-based self-service administrative system that would provide its clients with a single source for employee benefits management. But the client wanted to involve an external party to manage the technological needs of the project and to assess the project’s feasibility from an industry perspective.

The Solution

The client wanted to maintain its cost structure while growing its business portfolio by increasing customer retention and lowering administrative costs. Specifically, the client engaged BearingPoint to develop and implement the self-service benefits system through utilization of the firm’s own methodology. The first phase of the engagement involved an analysis of the requirements for, and design of, an Internet-based benefits administration system, while the second phase of the engagement included a complete design and system implementation.

The Benefits

BearingPoint provided the client with a technical infrastructure that will support future growth, marketing innovation, and new product distribution. The system will:

• Improve customer retention.
• Simplify the enrollment process.
• Minimize inaccurate and inconsistent data.
• Improve competitive advantage and differentiation.
• Improve return on investment through a reduction in administrative costs.
• Improve the ability to gather valuable customer knowledge.
• Improve the ability to target marketing efforts to specified customer segments.

BearingPoint’s work with the client will also give them the means to significantly reduce customer turnover rates and successfully enter and dominate the small business insurance market.