August 2021Â – Defined contribution plan providers are investing in portals for plan participants, sponsors, and advisors, as well as using analytics to improve margins, in order to drive down costs and attract new clients, while retaining existing clients and assets.
This report provides an overview of defined contribution retirement plan provider business and technology issues, data about the marketplace, and several examples of recent technology investments by insurers offering defined contribution retirement plans.
Topics
- Recent market and financial trends
- Active insurer landscape
- Technology issues, priorities, and examples by functional area
- Top technology priorities for 2021 and beyond
Key Points and Findings
Most technology investment goes toward case installation and distribution. Onboarding requires investments in digital capabilities, data and analytics, and core systems. Insurers are focusing on customer engagement.
Portal initiatives and communications continue to be vital. A focus on participant financial wellness across the board requires effective communications, reporting, and analytics. Plan sponsors are prioritizing improvements to participant contact center service and educational offerings.
Regulatory changes will continue to impact the market. Recent regulations have promoted the use of annuities in retirement plans and eased the formation of multi-employer and pooled employer plans.
About the Author
Nancy Casbarro
Nancy Casbarro is Head of Insurance Advisory at Datos Insights. She has over 30 years of insurance technology experience, most of which were spent in senior IT leadership positions at MetLife. Most recently, Nancy served as the IT Solutions Delivery Vice President for the Group Benefits business at MetLife, supporting products, claims, underwriting, distribution development, and national accounts. Nancy also has...
Other Authors
Datos Insights
We are the advisor of choice to the banking, insurance, securities, and retail technology industries–both the financial institutions and the technology providers who serve them. The Datos Insights mission is to help our clients make better technology decisions so they can protect and grow their customers’ assets.
Steven Kaye
Steven Kaye is Head of Knowledge Management at Datos Insights, and lead editor of the firm’s Business and Technology Trends in Insurance series. He has managed a wide range of research projects since joining the firm in 2008. Previously, Steven worked for Accenture as an insurance researcher focused on the U.S. life and property/casualty markets. He also served in both knowledge management...