Use Case

For new corporate retirement plan business, retirement plan providers and consultants have a lengthy process of gathering up sold case paperwork and plan transition data. Current workflow requires sold case paperwork to be completed and signed by multiple parties (ex: administrators and trustees) who are often in different locations. The process can take several weeks to complete. This lengthy process delays booked revenue and puts constraints on the sales team by requiring paperwork to be completed at least 2.5-3 months prior to a plan effective date.

Key Challenges

  1. Onboarding new retirement plan customers can be an inefficient, time-consuming process which uses up valuable resources and selling time.
  2. With executives/trustees, advisors, and third party administrators in different locations –  finalizing plan decisions, investment selection and obtaining signatures can exponentially increase frustration and delays.
  3. Legacy technology systems and security requirements can prevent retirement plan services teams from implementing digital onboarding.
  4. Retirement plan providers have a need to be considered cutting edge when it comes to technology.

Current Workflow Considerations

When taking steps to implement digital workflow inside a financial services enterprise, it is necessary to review the current workflow and industry regulations to identify steps in the process that can be improved upon through the use of technology. When a new retirement plan is sold, the new business is handed off to functional teams that are responsible for onboarding and customer enrollment. Customer onboarding in the retirement plan industry is a multi-step process that requires coordination between people and systems. This review process is an important step as it provides an opportunity to create a digital customer journey that streamlines workflow and improves the experience not only for customers but for internal business units, third party administrators and consultants.

An additional consideration with implementing a remote, digital onboarding solution can entail the use of eSignature (or digital signature) and therefore it is necessary to ensure that eSignature is an accepted practice inside the business unit and enterprise.

How Does Liveoak Improve Workflows

The Liveoak platform substantially reduces the manual workflows and paperwork process associated with onboarding a corporate retirement customer while not requiring a substantial change and investment in overhauling systems.

  • Provide a web-based, all-in-one solution for remote conferencing and onboarding: Enable remote collaboration via web conference between New Business Specialists, Third Party Administrators and clients in a secure environment. Web conference participants have the ability to remotely fill in new business paperwork together, select funds, upload and attach additional documentation, and answer questions as if they were meeting in person.
  • Save travel time previously spent obtaining wet signatures: All interested parties can electronically sign completed paperwork on the spot, inside the web conference session from any location, on any device.
  • Provide a digital experience without requiring a substantial change to existing systems: Communicate with secure video, audio and text chat directly through a browser, no installs required; engage in a discussion or conduct a videoconference by simply opening a link through a browser; no third party software or applications.
    Liveoak is a Software-as-a-Service, cloud based platform that provides clients with the ability to offer modern technology solutions that will greatly enhance customer experience without requiring system overhauls.
  • Improved data capture for compliance and audit trail: Capture and record conference activity down to the keystroke; store compliant data; record audio and video sessions; archive documents; integrate data with back office systems.
  • Greatly reduce the time it takes to complete the onboarding process: Remove the typical friction that occurs with completing paperwork; eliminate the need for site visits, fax, email, mail, scans and multiple follow-ups due to procrastination.

Specific Interactions Inside the Enterprise

Liveoak can be implemented across several divisions within the retirement plan enterprise as well as with Third Party Administrator partners and advisors.

New Business Specialists

The new business specialist is responsible for providing transition services for new plans and collaborating with Third Party Administrators and plan sponsors (clients). New Business Specialists will use Liveoak to remotely gather transition and census data, answer questionnaires and generally set the plan up so it is in compliance, ready to receive rollovers and new contributions. Providing stakeholders with the ability to work remotely with one another in a secure environment will streamline and expedite the plan set up process, reduce travel and administrative expenses and ultimately free up time for new sales.

Field Representatives

The field rep is typically responsible for new business application/paperwork and investment allocation which requires travel to the client location for completion and signatures. This also includes gathering trustee signatures who are often times in different locations. Using the Liveoak platform will allow field reps to complete the new business paperwork process, including signatures from trustees in multiple locations, in hours compared to what typically takes weeks/months when having to travel to coordinate with all parties. This greatly reduced time commitment will free up Field Representatives to spend more time in the field on new business initiatives and relationships.

Third Party Administrators (TPAs)

In general, TPAs deal with a lot of paperwork on a daily basis. Whether it be setting up a new plan, tax filing documentation, census data, loan requests and processing, distribution requests etc. This heavy paperwork load can be a burden when TPAs have difficulty connecting with participants for form completion and signatures. A lot of time is spent tracking down information from plan sponsors to complete plan testing and tax filings. Having the ability to remotely conference and collaborate with the plan provider, plan sponsor and participants increases efficiency, creates more time and reduces administrative costs.

Functions Impacted

Utilizing Liveoak greatly expedites all plan paperwork, forms, signatures and data gathering. The ability to remotely complete and sign new retirement plan paperwork, fill out and sign ongoing plan administrative forms as well as attach supplemental files (i.e. tax forms, plan documents & census data) to the conference record creates efficiency and streamlines the process of retirement plan onboarding and ongoing plan administration.

The Impact of Implementing Liveoak

For Retirement Plan Provider

  1. Elevated perception of technology from a client view as you bring a new participant friendly feature for engagement and collaboration
  2. Improved close ratio of consolidations/rollovers
  3. Providing preferred TPA partners with this technology will make paperwork easier than other providers
  4. New business/transition timeline streamlined and simplified

For TPAs

  1. TPAs can get forms signed by the sponsor on the first phone call avoiding repetitive interactions utilizing fax/scan/email/mail
  2. Utilization of existing forms/template versions will allow TPAs to capture participant data, check for accuracy, and go straight to signature
  3. Less paperwork/faster turnaround = more efficient teams
  4. Technology edge will assist in winning against bundled service providers/technology savvy TPA competitors

For Plan Sponsors

  1. Elimination of back and forth separate interactions utilizing fax/scan/email/mail saves time
  2. Electronic capture of compliant participant data for audit purposes
  3. Recording and archiving of data entry by participant to backup audit trail and disputes

Results Through Client Testimonials

“I want to recognize a member of our team for setting the all-time record for fastest sold plan! Leveraging the convenience of Liveoak, she helped an advisor and their clients go from proposal request to signature in 68 minutes”

“We were going against our top competitor on this deal. The advisor calls and says that we won the plan and are moving forward and then says ‘Yea, the cost were pretty much the same and nothing against your competitor but you just make it easier by being able to do it electronically’….The plan was signed up the next day via Liveoak”

About Liveoak Technologies

Liveoak Technologies has developed a cloud-based customer engagement and transaction management platform that utilizes secure high definition video, audio, and document co-browsing to enable collaboration, compliant data capture, eSignature, identity verification (IDV) and fulfillment of time-sensitive paperwork anywhere, anytime on any device.

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