PensionPro of the Month July 2018

 

Elliot and Aaron Cohen

Actuarial Ideas, Inc.

Client retention is the key to maintaining long-term profitability; it’s a cost-effective practice any TPA firm can use to improve their bottom-line. When retention is high, the firm can focus on enhancing current services, instead of spending time trying to attract, educate and convert new business which can come with a high cost of acquisition. Elliot and Aaron Cohen of Actuarial Ideas, Inc. have made client retention their top priority, and have used technological resources to do so.

Based in Pomona, New York, the Cohen brothers pride themselves on “white glove” service that makes all the difference to their clients. The key to Elliot’s selling strategy is simple, the only way to bring on new clients is to take care of the existing ones. The relationships facilitated through Actuarial Ideas’ service model gives their plan sponsors the comfort to know that they are in good hands. Their mission is to not only to provide good service, but to be sure the client is always priority number one.

Actuarial Ideas credits their ability to sustain their white glove service model to one system, PensionPro. AI moved to PensionPro in 2014, with their first initiative to move their manual files to the system. Before PensionPro, file storage meant requiring a second office space to house paper documents (some dating back to 1979!). Elliot spoke of a timely example, “Just recently a former client was in a massive audit. The auditor asked for a random document that they couldn’t find. They called us, thinking it was a long shot, but hoped we might still have it boxed up in a filing cabinet.” Thanks to PensionPro, Elliot was able to locate the document in a matter of seconds. It’s this type of efficiency that he attributes to their retention of clients, and for winning back the few they lose.

So, what does Actuarial Ideas find works best to continue providing top-notch service, while growing their business? “We give the client the freedom to find the information needed to answer their questions. Giving access to the information gives them comfort.” Elliot went on to say, “That helps retention in a major, major way. I’ve picked up and spoken to so many clients in the last four years who say to me, ‘In my old actuarial firm I would call and have to wait 3-4 weeks to receive information. With AI, when I call, it’s available on PlanSponsorLink for immediate access.’ We even spend the time to walk clients through the process if need be. PensionPro with the addition of PlanSponsorLink has given us the tools to do and sustain that.” Aaron loves to highlight to his clients that the files stored and moved through PensionPro are secured.

The Cohen brothers have clients in all 50 states so secure digital communication and file storage is essential. Making information securely available to their clients, wherever they are, enables them to provide a first-class service. For Aaron on the IT and system maintenance side, and Elliot on the servicing, sales and marketing end, AI has the tools in place to deliver excellent customer service at the high level that they demand. Elliot said it best, “PensionPro has become the Siri of my pension life.”



PensionPro Business Demo

Elliot and Aaron use PensionPro and PlanSponsorLink to deliver top-notch client service. Join a one-hour demo of PensionPro Business with the PlanSponsorLink Add-On to see how you can do the same.

By:
William Renninger
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