Case Study: How Insurance Plan Administration Software Transformed This Brokerage
After a major brokerage announced it was largely leaving the BOLI/COLI space, a select group of the firm’s top employees and independent contractors, with a strong desire to continue providing “best-in-class” service to their existing clients, embarked on a fresh venture that required a robust insurance plan administration software solution to maintain service.
This unique situation made it essential that a plan administration system be implemented as soon as possible.
The new firm had only six months to get a new plan administration system online and perform a significant conversion of hundreds of clients. After evaluating other options in the marketplace, it was ultimately determined that the only choice for meeting this stringent requirement was Andesa Services’ ADASTAR Q+™ platform – a scalable, web-based toolset providing a unique level of asset/liability management and recordkeeping support for all manner of income and death benefit plans. While many BOLI/COLI systems are purpose-built to handle only a few types of plans, Andesa’s Q+ Plan Administration Software is extraordinarily flexible and can process varying types of products.
Choosing a Partner with Speed-to-Market in Mind
When selecting plan administration software, speed-to-market was one of the most critical factors for the new brokerage. After leaving a major firm, they faced the daunting task of transitioning hundreds of clients and needed their system implemented quickly and effectively. They turned to Andesa because of its proven track record of delivering fast, reliable solutions without sacrificing quality.
The urgency was apparent: with only six months to go live, a delayed rollout could result in service disruptions, client dissatisfaction, and financial loss. Andesa’s Q+ platform stood out for its ability to get the plan administration system fully functional within just three months.
Why Does Speed-to-Market Matter in Plan Administration Software?
Speed-to-market is critical in plan administration software because it enables firms to maintain operational continuity during transitions or when launching new services. In industries like BOLI/COLI, where managing complex financial products is the norm, delays can have serious consequences, such as service gaps, frustrated clients, or regulatory complications.
In this brokerage’s case, Andesa’s ability to meet its six-month deadline with a fully functional solution was a game-changer. A fast deployment allowed the firm to avoid any service interruption and continue providing best-in-class service to their clients. Additionally, speed-to-market gave them a competitive advantage, demonstrating their capability to adapt quickly in a dynamic market.
Beyond the immediate benefits, rapid implementation also sets the stage for long-term success. Andesa’s Q+ Plan Administration Software met the firm’s immediate needs and provided the flexibility to handle various product types, ensuring future scalability. This agility is vital in today’s financial landscape, where firms must stay responsive to market shifts and regulatory changes.
Ultimately, speed-to-market matters because it helps businesses avoid potential losses, maintain client trust, and position themselves for growth, all while ensuring a smooth transition during pivotal moments.
A Successful Conversion to a New Plan Administration System
The launch of the new firm and the conversion of hundreds of client accounts to Andesa’s Plan Administration Software was a rousing success, with tangible results that underscored the value of the partnership. With a looming deadline and the need to continue servicing clients without interruption, the firm’s ability to rapidly implement a robust system was crucial. Andesa’s Q+ platform not only met these demands but exceeded expectations.
From the beginning, Andesa’s team demonstrated exceptional responsiveness and a proactive approach that made a challenging process smoother. “Andesa was very responsive throughout the process,” said a principal at the new brokerage. “They immediately addressed any design issues and were extremely proactive with manpower assignments to ensure that critical components were working very quickly.” This level of support was essential given the tight deadlines and high stakes involved.
The benefits of this collaboration became apparent as the conversion progressed. “By the beginning of Q4, the conversion was significantly complete, and we were servicing our accounts,” the principal continued. This meant the new firm could continue delivering the high-quality service its clients expected without the common pitfalls of a major system overhaul.
In addition to meeting the immediate deadline, Andesa’s efforts contributed to the firm’s long-term success. “Further, we were endorsed by the American Bankers Association within five months of starting as a business,” the principal added. “A huge part of that was Andesa truly teaming with us on the conversion and ensuring that the plan administration software was up and running.”
Transform Your Business with Andesa’s Insurance Plan Administration Software
Andesa’s Plan Administration software was critical to the new brokerage’s seamless conversion and rapid success. The platform’s flexibility, scalability, and cloud-based technology allowed the firm to meet tight deadlines, manage complex financial products, and transition hundreds of clients without disruption.
The same features that made this partnership successful are available to all of Andesa’s clients. Our software supports various plans—from variable and fixed contribution income to death-benefit-only plans—while integrating with other systems to reduce errors and streamline workflows.
With 24/7 access to plan administration tools, customizable sponsor portals, and on-demand reporting, Andesa offers the comprehensive support needed to help businesses navigate market challenges and ensure long-term operational success.
Contact Andesa today to learn how our Plan Administration software can transform your operations and help you succeed.
