Burlington, MA/Chennai, October 6, 2020: Congruent Solutions, a leading technology solutions and outsourced plan administration services provider to the Retirement Plan industry in the US, has achieved yet another feather in its cap that reiterates its commitment to the modernization of record-keeping systems for the defined contribution industry.
Congruent is featured in the Everest Group Insurance IT Services Market Report on ‘Making a Business Case for Modernizing Core Systems for the US Retirement Industry’: Value Beyond Cost Savings from a Cloud-enabled Record-keeping System’. The company’s CORE suite of modular cloud-based record-keeping platform has been rated high on two parameters – ‘End-to-end record-keeping features coverage’ and ‘Cloud readiness’ while scoring fairly well on the ‘Digital – data and automation’ parameter.
The report deep dives into the record-keeping function, the core component of the plan administration business function, analyzing critical issues surrounding business and technology, thereby offering a business-case for the modernization of record-keeping systems.
Commenting on the high ratings, Balaraman Jayaraman, Co-Founder and President, Congruent Solutions, said, “Scoring high on two parameters of this report is an affirmation that our company has built a modern and data-driven platform. This is truly an endorsement of the transformative solutions that gets our provider customers ‘Ready for Tomorrow’ and through them, the participants too. And the coverage of functionality is complemented by the superior customer experience that we deliver to the sponsors and participants. Through our CORE suite of technology solutions and operations outsourcing services, we are helping plan providers, record keepers, and third-party administrators increase their margins while, at the same time, improving the stickiness with their customers.”
Jayaraman explained that Congruent has built its CORE suite after in-depth research and feedback from the industry. CORE suite helps the retirement plan industry address the rigidity of incumbent platforms lacking self-service offerings, slow adaptation to changes, and high Total Cost of Ownership of the legacy platforms.
Stressing the role of Record-keepers in the industry, The Everest Group Insurance IT Services Market Report explains the need to use a combination of technology levers to modernize retirement systems and phase out legacy systems. The report further says that cloud-based modernization of record-keeping systems can generate an annualized cost yield of US$ 850 – US$ 930 million while driving revenue growth.
For close to two decades, Congruent Solutions has been helping the Retirement Plan industry address its business challenges through its innovative technology solutions and operations outsourcing services. Congruent’s new generation CORE suite of solutions is a cloud-based modular record-keeping platform. The comprehensive back-office administration services covers the entire life cycle of a plan administration from Enrollment, Processing Contributions, Loans and Distributions, Conversions and De-conversions, to Compliance Testing and Form 5500 preparation. Retirement Technology Services provides comprehensive services across the entire software development lifecycle.
Our deep domain expertise, technology capabilities, and process-driven approach have made Congruent the partner of choice for leading plan providers, record keepers, and third-party administrators.