Systematic and extraordinarily rapid growth is typically associated with success – new revenue, greater profits, and more clients. However, Benefit Plans Plus (BPP) knows all too well that there is a business risk element to rapid growth. “We had a lot of unforeseen challenges from a human resources standpoint last busy season. Therefore, there was less margin for error from a workflow stance and, of course, more actual work. However, as we all know the regulatory deadlines stay the same,” explained Michelle Meyer, Principal of Operations.
BPP’s business risk of substantial growth relates to delivering the same level of quality and customer service while expanding the workforce and the scope of their operations. Jim Heinzer, manager, notes, “We had challenges with employees out on leave. Previously, this would have been a scramble to find out the status of their work and reassign it, but PensionPro enabled me to quickly jump in and assign the work using the goal reassignment feature.” This type of business risk mitigation was exactly what led BPP to PensionPro.
Beyond the internal challenges, there are also hurdles with Plan Sponsors. BPP had previously used a portal to traffic documents from client to TPA. “I would say that only 60% of our clients would use the portal without assistance and constant reminders,” lamented Jim Heinzer. After implementing PensionPro’s PlanSponsorLink, that number grew beyond 80% with the team looking to get that number to 99% this year. The speed, efficiency, and the ability to track the client every step of the way makes one of the riskiest elements of TPA operation far more effective.
When efficiency improves and makes profitable growth possible, the balancing act remains between people, process, and technology. Great TPA firms know that they need quality staff and that they need to be powered by great technology and elite practices; this is where PensionPro steps in. According to Michelle Meyer, “The primary reason we were able to meet 100% of our deadlines this year was that we had PensionPro.”
Minimize your business liability and set clear responsibility for clients with data collection on the web. PlanSponsorLink allows clients to complete census data and send files securely. Join a live demo on October 10th at 2 pm EST to learn more.