Outsourcing providers frequently engage SBC to serve as their "back-office" administration solution. We work with Defined Benefit as well as Health & Welfare outsourcers. Our clients include third-party administrators and insurance brokerage firms.
T. Rowe Price, an SBC client since 2005, is one of the world's largest investment management firms. They manage more than 90 mutual funds, and provide asset management advisory services, shareholder services, and corporate retirement plan management.
Challenge: Integration with Current Delivery Model
T. Rowe Price was looking for a solution that could easily integrate with their other internal systems, as well as those of their clients. Since T. Rowe Price provides other financial services they needed a system that could share data across platforms they've invested in and not require major updates to existing processes.
In an effort to diversify their product offering, T. Rowe Price partnered with SBC Systems to implement our software for their existing client base. Currently, the platform supports approximately 100,000 lives across nine different T. Rowe Price clients.
Our services to T. Rowe Price include:
- Defined Benefit Administration
- Trustee Retiree Payroll Transmission
- Valuation Data Transmission
- Employee Self-Service
Standard interface files were created that imported data from T. Rowe Price's OMNI system Any reformatting or translation was handled by Benefits Workstation for direct importing. There was no need to change any existing OMNI system functionality.
Challenge: 18 Months to Convert Seven Clients
It was mission critical for T. Rowe Price to decommission off the prior system within 18 months and a defined budget.
- Developed standard or "master" code and processes that was re-used across T. Rowe Price's clients.
- Improved the efficiency, speed and quality of the implementations.
- Allowed for a smoother upgrade process.
Challenge: Working with the Exceptions
Many exceptions had been applied over the years to accommodate system benefit and regulatory changes. The framework of the prior system made these changes time-consuming and costly.
- Our systems' look-up tables and configuration rules allowed for changes to be easily incorporated and deployed.
- The tables for ERISA limits provided a single point for updates that can be applied across all of T. Rowe Price's clients.
- Standards with "client hooks" allowed for client tailoring without stand-alone customisations.