Innovation is a word that can be thrown around too often, but every once in a while it is used to describe something or someone that is truly on the cutting edge. Haskel and Adam Weiss at The Weiss Group, Inc. (dba TWG Benefits, Inc.) fit that bill in many ways. As a company that was founded in 1995, and with no signs of slowing down, TWG has embraced technology and that makes their business truly innovative.
TWG Benefits administers approximately 500 plans all over the USA, with 75% of their employees working remotely. According to Adam and Haskel, the secret to their success is great technology and even better people. “We believe this approach enables us to get the best in class, which is critical because you don’t go to college and graduate knowing how to administer retirement plans,” outlines Haskel. Through a series of acquisitions, TWG Benefits expanded operations across the country. This would not have been possible without leveraging the right technology and nurturing a culture of great people.
One strategy TWG credits for connecting people and technology was the adoption of PensionPro. Years back, the team at TWG Benefits attempted to implement the system; however, companywide adoption failed. After experimenting with other software, TWG returned to PensionPro with a vengeance and is now recognized as one of the most adept power users of the platform. “How we failed the first time was by delegating the implementation of PensionPro to a staff member without the strong, top-down support from management,” says Haskel.
TWG leverages two features that many other PensionPro users do not: Event Management and General Web Collection. Their most recent automation project was to collect the necessary data from their clients, then track the process of their Defined Benefit restatement project. “These are very convenient ways to communicate efficiently and accurately and are easily repeatable,” explained Adam. For this restatement cycle, TWG Benefits has built a unique and innovative process using projects that interact with PensionPro’s PlanSponsorLink portal. Haskel and Adam are generous enough to share their solution as the topic of this month's case study. Though their automation demonstrates the power of technology, Adam and Haskel are always quick to bring it back to the quality of their people. “We don’t micromanage our employees because we hire great ones, but PensionPro allows us to manage our business in great detail,” furthers Haskel.
When asked about what technologies will impact TPAs in the immediate future, Haskel believes that, “Whether you want to discuss artificial intelligence (AI), Blockchain, Bitcoin, or the Internet of Things (IOT), history has taught us that technology will replace the mundane and repetitive tasks that we are faced with; therefore, enabling more time to be spent with clients. This further enforces that people and technology are the right combination.”