Streamlining Compliance and Enhancing Customer Service with Pega Workflow Automation

Overview

In the ever-evolving landscape of financial services, regulatory compliance is paramount. When faced with new Department of Labor (DOL) IRA Rollover rules, our client, a leading insurance company offering securities products, recognized the need to adapt quickly.

To meet the compliance requirements and provide a seamless experience for financial advisors and their clients, they turned to IQZ Systems for a solution.

Business Challenges

Our client's financial advisors played a crucial role in helping clients with IRA rollovers. However, complying with the DOL's IRA Rollover rule, which mandated the capture of suitability statements when clients moved their money to another IRA, presented a significant challenge.

The deadline for implementing this system was set by the Department of Labor, and failure to comply could have had serious consequences for our client's business.

IQZ’s Solution

Understanding the urgency and importance of this compliance requirement, IQZ Systems developed a sophisticated workflow automation system using the Pega platform.

This solution streamlined the process of capturing essential information for IRA rollovers, ensuring compliance while enhancing efficiency and customer service.

Key Features and Benefits

• Comprehensive Data Capture: The Pega-based workflow allows financial advisors to capture crucial data, including the "From Cost" and "To Cost," ensuring transparency.

• Suitability Statement: The system seamlessly integrates the capture of suitability statements, helping our client meet regulatory requirements and maintain a robust compliance record.

• Responsive Design: The solution is accessible on both desktop and mobile devices, empowering financial advisors to use it during client visits, whether in the office or on the go.

• Integration with Third-Party Providers: To further enhance the accuracy and efficiency of the system, IQZ Systems integrated it with RightBridge, a third-party service provider for obtaining fund costs. This integration minimizes errors and speeds up the data retrieval process.

• Enhanced Customer Service: By automating the compliance process, financial advisors can focus more on providing personalized service to their clients, strengthening client relationships and trust.

The Results

The implementation of IQZ System’s Pega-based workflow automation solution was a resounding success for our client. They not only met the DOL's IRA Rollover rule compliance deadline but also experienced several additional benefits

• Risk Mitigation: Our client significantly reduced the risk of non-compliance penalties and reputational damage by capturing suitability statements and other essential data accurately.

• Efficiency Gains: Streamlined processes resulted in time and cost savings, allowing financial advisors to be more productive and client-focused.

• Scalability: The Pega-based system proved to be scalable, adapting to other processes such as Managed Accounts and Variable Annuities seamlessly.

Conclusion

IQZ System’s collaboration with our client resulted in a robust, compliance-driven solution that not only met regulatory requirements but also enhanced their overall business operations. By embracing innovation and automation, our client successfully navigated a challenging compliance landscape while strengthening their commitment to providing exceptional customer service.