Retirement Solutions is an area of strategic focus and business intent for Tech Mahindra. We have the capability in Superannuation Administration and are committed to expanding the capability into a Platform Service. Platform based BPO and IP led growth is one of key elements of strategic direction/ Vision 2015 outlined for the Organization. We have established a deep and growing footprint in the Superannuation line of business and hence there is consistent top management attention and investments. We also believe that this also gives us an edge over other providers
We provide Platform based managed services delivering all aspects of IT, BPO and infrastructure as a service and invest in Platform based initiatives to create differentiation in Market place. We,
- Run a large vendor offshore record-keeping program out of India and Australia
- Running an integrated IT and BPO program in DC and DB space
- Deliver Recordkeeping plus Fund administration program seamlessly
The Solution involves multi-level integration of IT + BPO + IMS. This translates into the co-location of the IT + BPO teams resulting in a strong collaboration among the process and IT teams leading to co-ordinated process improvement initiatives and strategic intent with a common governance and SLA model. With our Integrated IT + BPO solution we have achieved numerous benefits for our clients operationally, financially and from a client retention perspective as well. Tech Mahindra adopts the Continuous Improvement Mechanism.
With a rigorous and robust Risk Management Framework in place Transition standards and goals are maintained and achieved. A phased transition is carried out to minimize risk and stabilise the services so that BAU activities are not impacted detrimentally.
As an offshoring arrangement, Tech Mahindra manages back-office processing function for Superannuation Administration, Investments, Insurance, F&A, Legal-Compliance & Regulatory Requirements and Reporting
- Integrated IT + BPO Services
- BPO Services:-
- Benefit Lifecycle Management and Payment; Record Keeping (Member Lifecycle Management, Payroll Interface) ; Financial Reconciliation and Control (Benefit payments, Pension Payment, Contribution and Settlement, Fund Unit Price Calculation); Finance and Accounting (Prepare annual statement and income tax return , cashbook reserving, Fund reporting).
- IT Services:-
- System Maintenance Services; Maintenance of Data Records;
- Implementation; Project Services; Application Development and Support; Control Systems.
- Regulatory Compliance Reporting -: Pension Reporting, Tax Reporting, Compliance.
- BPAAS: Platform based managed service (including infrastructure, applications management and business process outsourcing)
- Phased and Methodical Transition, Deep Domain understanding of the market
- Innovative Deal Structures and Flexibility in Solutioning
- We are one of the few vendors who have proven offshore BPO & ITO capability in this space along with Certified Resources / training for entire offshore team, combined with internal certification programs.
- A core team which is experienced in Superannuation and Experienced domain capability with clear transition and execution capability and resource ready to begin any Superannuation centric engagement
- We have very successful relationships with our clients’ and we are willing to leverage our experiences to bring value to you.
- Manage a large pension offshore program from a Third party context
- Benefits practice is a strategic focus for TechM (investment in Domain capabilities, Partnership with niche providers and TPAs)
- Our solution approach will deliver significant & sustainable cost take-outs – Centralization, Six Sigma based improvements, Standardization, Functionalization, and Automation.
Some of the benefits that accrue are on account of
- Cost Savings and Productivity Benefits
- Retention of key knowledge
- Client can focus on ‘core’ business function
- Improved participant experience
- Improved Operating Model
- Top-Line Impact