Guest Article Addressing TPA Operational Challenges With Business Process OutsourcingBy Bill Byerly, executive vice president & general manager, SunGard's wealth & retirement administration business. Retirement administrators attempting to improve service to customers are looking to implement comprehensive service delivery methods that allow them to offer 24/7/365 support. These centers of excellence promise to serve participants and sponsors by continually monitoring jobs, ensuring critical processing deadlines are met, and providing immediate access to product development teams who can resolve issues. To set up service centers themselves, providers would need to build facilities and hire large teams of employees for operational support. These are expensive and frequently pull resources away from core services. Providers are challenged to hire, train and retain high-quality, engaged employees with the latest retirement industry and technology knowledge to manage back-office processing. They may also need easy access to additional resource bandwidth to accommodate peak processing times, such as enrollment months -- or simply to manage the growing number of retirement disbursements. Business process outsourcing (BPO) gives providers the opportunity to outsource common back-office functions. BPO includes hosting software and delivering staffing services that can include mail room operations (e.g., scanning, sorting, posting); data entry for plan setup and participant data; transaction processing and recordkeeping (e.g. trading payments, disbursements and reporting, document preparation, and government form submissions). Outsourcers often have flexible, customized solutions that allow providers to use the best of their own and the outsourcer's capabilities. By taking advantage of BPO, record keepers can:
William (Bill) Byerly is SunGard's executive vice president and general manager for SunGard's Omni solutions and managed services operations for SunGard's wealth & retirement administration business. With more than 30 years of experience, Bill has built scalable, comprehensive, and highly productive service delivery teams and platforms, including ten years of experience in off-shore and near-shore operations involving off-shoring work to India and within the U.S. as well as direct oversight of the off-shore resources. Bill can be reached at Bill.Byerly@sungard.com. ### 401khelpcenter.com is not affiliated with the author of this article nor responsible for its content. The opinions expressed here are those of the author and do not necessarily reflect the positions of 401khelpcenter.com. This article is for informational and educational purposes only and doesn't constitute legal, tax or investment advise. | ||||
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