New Plan Admin System Case Study

A New Undertaking for Unsurpassed Service

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.

This unique situation made it essential that a plan administration system be implemented as soon as possible.

While many BOLI/COLI systems are purpose-built to handle only a few types of plans, Q+ is extraordinarily flexible, with the ability to process varying types of products.

The new firm had essentially only six months to get a new plan administration system online and perform a major 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+TM 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.

Choosing a Partner with Speed-to-Market in Mind

A major piece of the decision to go with Andesa was the company’s history of exemplary speed-to-market. Indeed, the conversion began in June, and a fully functional plan administration system was built out by September.

Likewise, Q+ proved to be a truly comprehensive plan administration platform. While many BOLI/COLI systems are purpose-built to handle only a few types of plans, Q+ is extraordinarily flexible, with the ability to process varying types of products.

A Successful Conversion to a New Plan Administration System

The new firm’s launch and major client conversion was a rousing success – and the new firm’s results were tangible.

“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.”

“By the beginning of Q4, the conversion was significantly complete and we were servicing our accounts, and, further, we were endorsed by the American Bankers Association within five months of starting as a business. A huge part of that was Andesa truly teaming with us on the conversion and ensuring that the plan admin system was up and running.”

 
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