North Pier was engaged to lead an Actuary and Administrator Search for a global reinsurance company for their $116 million retirement plan.
The quality of service the client received in the areas of trust accounting, actuarial services, and plan administration had declined drastically over several years, which prompted the need for an evaluation and search (RFP) performed by North Pier.
Challenges and Drivers
With their current vendor, the client was receiving inaccurate reporting that included errors discovered through internal review and inabilities to account for investment activities. The client was also experiencing administrative limitations including minimal customer service, no employee portal, and long delays in communication.
Merged with North Pier’s experience and resources, our process included detailed discovery and analyses to help the client prudently evaluate vendors and select the right provider for the job. This process included:
- Thorough document review and interviews with Committee, staff, and management.
- Fiduciary education on best practices, state of the industry, and discretionary management.
- Development of a comprehensive client profile concluding in the construction of a detailed RFP.
- Identification of qualified candidates.
- Administration of RFP and detailed due diligence.
- In-depth analyses on leading candidates.
- Assistance in selection of three finalists; moderated, organized, and coordinated finalist presentations and selection conference.
- Negotiation and review of services, fees, and contracts.
North Pier helped the client select a new provider who continues to provide the following benefits:
- A 20% reduction in fees.
- Improved technology and services including an employee web portal and a single system for admin, actuarial, and trust accounting, eliminating the chance of error.
- Improved, customized reporting.
- Improved customer service and communication.