Kane LPI was appointed by Old Mutual (Bermuda) to provide a full turnkey administration solution
Moving from one service provider to another can be a challenging process. It requires expert management and close co-operation between all parties to ensure the seamless transition of services. However, it also provides a perfect opportunity to streamline existing processes, enhance client service delivery and reduce overall costs.
Old Mutual (Bermuda) Limited (OMB) set about finding an alternative third-party administrative solution to replace their existing back-end administrator. As George Friedlander, Vice President of Operations for OMB, explained: “We were keen to form an alliance with a TPA which not only offered us an exceptional level of service coupled with extensive market expertise, but one which also was proactive in its approach and accountable when it came to problem solving.”
Kane LPI was appointed to convert OMB’s existing block of business and to provide a comprehensive turnkey administration solution.
“OMB had set a number of clear objectives that we had to deliver against,” Graziella Vella, Head of Operations for the LPI division, explained. “They wanted to improve the overall customer experience for all of their stakeholders; streamline their outsourcing relationships and capitalize on opportunities to reduce overall costs.”
The first stage in the process was to formalize and execute, in close collaboration with the OMB team, a transition plan to transfer all existing business from their current back-end administrator to Kane LPI. In tandem, the LPI team undertook a process-improvement exercise to guarantee that the final solution achieved OMB’s targeted customer experience goals. Furthermore, single points of accountability were chosen within both organizations to ensure decisions were made in a timely fashion.
Careful planning and close co-operation ensured that the Kane LPI team was able to provide OMB with a fully functional administrative system – delivered on time and on budget – which performs a range of daily functions including: client transactions, complex GMAB, GMDB and MVA calculations, policy valuations, fund trading, accounting, and data transmissions. In addition to streamlining services, not only was the system implemented with zero interruption to client services, but it has also enabled OMB to achieve substantial cost savings.
Through a collaborative strategy based on mutual trust and respect, OMB has achieved several key objectives:
- Successfully provided their customers with an improved and reliable customer experience.
- Improved performance-based metrics and tracking with management reporting.
- Reduced overall operational expense while streamlining their outsourcing relationships.
- De-risked their business model with a partner that is accountable and proactive with their evolving requirements as the book matures through its life-cycle.
Moving forward, Kane LPI will continue to provide OMB with many critical administration services, deploying resources across Malta, Bermuda, Dubai and the US to enable them to do so. The firm’s service platform operates as the core back-office system for processing and tracking all policies for OMB throughout their lifecycle.
The Kane LPI team has built a strong reputation for consistently meeting client goals and delivering services that are predictable, flexible and sustainable. With OMB, through building from the start a close working partnership, we have been able to achieve a successful collaboration on both sides.