Sector Highlights - Wealth Management
Increasing Awareness, Accelerating Savings
401(k) Plans Plan Providers - Auto Pilot Participation Soars
Lower-cost technologies have enabled an abundance of company 401(k) plan and program administrators to offer improved features to small and middle-market companies. Once a benefit only enjoyed by employees of larger companies, neatly packaged programs are now efficiently 'rolled-out' to companies of all sizes. Critical to a successful turnkey program is the ability to deliver education, management tools and investment choices to participants.
Education is aggressively being tackled by most providers, whether through software subscriptions or outsourced administration companies. The ultimate goal is to increase employee participation. This goal has become so critical that many employers are adopting an auto-enroll feature requiring specific 'opt-outs' from employees wishing to avoid participation.
Sector Spotlight - Insurance Technology
Surfing the Globe for Process Management Improvements
According to a mid-year DataMonitor report, North American information technology insurance spending should begin to improve heading into 2009, while Asia Pacific IT spending will remain the same, which means it will continue to be a more robust technology spending marketplace than either North America or Europe. Of particular note is the emergence of smaller insurers, which have been the slowest to adopt policy administration business process outsourcing. The visible strategic shifts due to today's competitive marketplace and the availability of efficiently priced technology solutions not only reduces costs, but allows for their continued role as a nimble alternative to larger competitors by devoting greater resources to desirable value differentiating functions.
Read complete report.
Thursday, October 9, 2008
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