Consumer products company unbundles administration in pursuit of quality

This consumer products company has more than 34,000 employees, and is a brand that is found in homes around the world.

The Challenge

This company had long outsourced all administration services (defined benefit, defined contribution and health and welfare) to one provider. The quality of service was lacking, and the client’s internal team spent too much time and money reviewing information and correcting mistakes. As their actuarial consultant, their WTW team was already providing significant additional support to the client, reviewing calculations and helping the previous provider understand plan provisions. The company needed to evolve their administration solution to one better suited for their current needs, which meant a move to multiple providers.

The Solution

We advised the company that many clients similar to them had moved to an unbundled approach to administration. As their pension actuary, we had extensive knowledge of their plans and the close integration of our consulting and administration teams meant we could provide a smooth transition and ongoing support. Our focus on quality ensured the number of issues they faced would be reduced, and our comprehensive administration solution would improve the user experience for both participants and administrators.

The Results

Choosing a model best suited for their needs rather than focusing on consolidating services with one provider allowed us to significantly reduce the administrative burden on the client’s internal team and improve operational efficiency and effectiveness — results that create a better user experience for the client’s administrators and the plan participants. Participant feedback is consistently positive, with satisfaction ratings of more than 95%. Participants cite our team’s professionalism, knowledge and patience. The client appreciates our partnership, knowledge of the Plan provisions and processes, and our responsiveness, resulting in client satisfaction survey ratings of more than 4.5 out of 5.