What should you look for in a pension administration software (PAS)? While different organizations have different needs, there are a few key features that a potential solution should have. If you caught our previous blog, we walked through the key questions helpful for analyzing the best solution for your organization. Here, we’ll show you the key features a potential solution should provide. Remember, in an industry inundated by continually changing policies, PAS vendors should meet your needs for both the long and short-term.
A PAS solution should offer a host of features designed to deliver your end goal: organizational efficiency and improved customer service. In order to achieve this, there must be a combination of three key features: security maximization, third-party integration, and configurable workflows. A system that could provide all three of these benefits could give you the most value as a strategic partner. For more information on choosing a PAS, download our Pension Buyer’s Guide.
Security needs to be the first item on every PAS checklist. A system that cannot protect the safety of member information provides no value. A PAS solution should offer the most advanced security features available so that you can be confident your data is safe – both from internal and external threats. Systems that go the next step and offer internal auditing capabilities to customize individual employee access provide the additional layer of protection every organization should weigh heavily.
Your organization relies upon communication and interaction with third parties. A prospective PAS solution should streamline communication with vendors to decrease the processing time and reduce transaction costs. This integration could be in the form of web portals, real-time information exchanges (web services), interface file exchanges, and others. Principally, look for a solution vendor that can provide integration with insurance partners, medical/disability partners, plan administrators, or other government entities. Plan members are expecting different organizations to work seamlessly together to meet their needs. Have the opportunity to exceed their expectations by choosing a software solution that enables such integration opportunities.
To achieve optimal operational efficiency, a PAS solution should be capable of automated business processing or workflow integration. Workflows should streamline the flow of projects directly from one activity to the next. Doing so minimizes the number of hand-offs needed to complete a business process. Why is this important? Because it reduces errors, delays, rework administrative overhead, and supervisory requirements and improves control.
If you’re looking for a comprehensive, browser-based software system that meets all of these critical requirements, then be sure to learn more about Sagitec’s Neospin™ solution. Since 2004, Neospin™ has helped public and private pension funds enhance service, lower costs, stave off obsolescence, and quickly respond to business needs.