Annuities Success Story
A major retirement plan provider/administrator was replacing a large annuities legacy system with a new commercial-off-the-shelf solution that required considerable customization.
The $80M, multi-year corporate initiative involved the re-platforming of an Annuity Request Capture & Payment System, a critical component in the annuity payment process relied on by hundreds of thousands of retirees (payees) for income payments.
The company had reached the requirements phase but was struggling to find Project Managers, Business Analysts, and Subject Matter Experts (SMEs) – nine resources in total – with the annuities experience required to solicit, capture, validate, and manage the new system’s complex set of requirements. Lacking the necessary knowledge or network to source these types of candidates, the company’s standard staff augmentation vendors were not meeting expectations.
The company asked SynergisticIT to assist with this need. We designed a staffing plan and, within six weeks, staffed the project with three Project Managers (including the lead PM), four Business Analysts, and two business SMEs, all with the required annuities experience.
The SynergisticIT team provided an immediate positive impact. Client IT and business entrusted our leadership team to take ownership of multiple delayed project workstreams. By working collaboratively with IT and the business stakeholders, we brought the project back on track in four months.
SynergisticIT was widely credited with remediating the project and today the system is on its way to replacing the aging legacy application.