IT Platform Assessment Phase II UK Pensions Provider

Client Challenge

Following aggressive M&A activity, the client one of the UK’s largest independent financial services companies encountered several issues including: systems integration challenges, culture clashes and regulatory risks which TORI were asked to assist with.

In Phase I TORI carried out a current state assessment of the systems, business process and operating model and produced a report indicating quick wins and identified inconsistencies with the use of disparate systems.

In Phase 2 TORI was asked to continue the support by establishing an Operational Transformation programme assisting with IT platform selection activity and the delivery of the quick wins identified in the initial report.

What We Did

Over a 4-week engagement, TORI:

  • Reviewed and updated function and capability requirements for Policy Admin and Commercial Property Management
  • Created logical Systems Architecture
  • Undertook candidate Systems Research
  • Assessed capabilities not covered and drafted options for these elements
  • Drafted report which covered:
    • Logical Systems Architecture for Policy Administration and Commercial Property management capabilities
    • A comparison of selected providers versus functional criteria and rank, selecting two for RFI/RFP – for Pension Admin System with a clear preference identified, further providing:
    • Assessment of IT Supplier offering and high-level impact on their valuation
    • Identification of capabilities not met by platform assessment and offered high-level options to address these over time
  • Recommendation of 3 Providers for Commercial Property

Outcome & Results

  • Updated and agreed the business requirements for the policy admin and Commercial Property management systems
  • Provided an updated logical Systems Architecture to identify key functionality and dependencies
  • Enabled an up-to-date view of their current systems including: Architecture and Systems requirements
  • Enabled the client to shortlist suppliers for a new pension admin system
  • Provided a set of requirements and outcomes for use in the selection process including: metrics for vendor selection within an RFP / RFI process
  • Enabled the client to reach an agreement with the vendor based on the use case and requirements

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