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The Business Case for Regulatory Mail InnovationStrategic initiatives that drive results across your organization.
A BROADRIDGE eBOOK FOR FOR INSURANCE CARRIERS AND 403B PROVIDERS
Prioritize initiatives that can transform your business.
Stepping up to today’s challenges.
Insurance carriers and retirement 403b providers face significant change: shifting demographics, new regulations and increased pressures to reduce fees and provide greater transparency.
Statistics reveal that only 27% of Baby Boomers are confident in their retirement preparations. GenXers and Millennials are even less confident, with many struggling to save—forcing changes in how they interact with their providers of choice. Despite these challenges, there is enormous opportunity for those firms that choose to adapt.
The Opportunity: Prioritize what matters.
Chances are, your organization perceives regulatory mailing expenses as just a fixed cost. But digital innovation in this area should be prioritized because it advances the corporate agenda of multiple departments: compliance, marketing, operations and finance. It’s also an important customer touch point that is often overlooked. You can save money, promote your brand and deliver information in the way the customer wants to receive it.
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Digital fulfillment—delivers the future now.
Communicating with younger investors can be a challenge unto itself. Switching to digital investor communications can help reach every generation. Not only does this match your customers’ communication preference, it can also streamline your operations. It reduces the amount of inventory you need to create and distribute, which saves you both money and time. Going digital helps every department achieve key objectives.
Benefits of digital fulfillment
Reduce costs
Improve customer satisfaction
Increase efficiency
Reinforce the corporate brand
80%
OVERVIEW | COMPLIANCE | MARKETING | OPERATIONS | FINANCE | CONTACT
COMPLIANCE
OPERATIONS
MARKETING
FINANCE
Regulatory Mail
Innovations
e-Delivery alone can save up to
vs. traditional paper delivery
One initiative can drive results in every department.
Shifting demographics demand an increase in digital adoption.
Investors have already gone digital… but are they digital with you?
Other than online banking, financial firms have been largely unsuccessful in establishing digital relationships. This is particularly true for insurance carriers.
Annuities aren’t just for Baby Boomers nearing retirement. Millennials are about to become the most important demographic for retirement information, and as we’ve seen with robo-advising, they’re changing the rules of engagement. Digital investor communication—from consent through consumer preferences—will play a significant role sooner than anticipated.
75%60%
25%5%
6%1%
Total Customers
Credentialed Users
Active Users
Retail Banking
Wealth Management
Insurance
Digital Adoption Rates by Segment
Source: Broadridge Data Analytics and Quantcast
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Keep pace with compliance.
OVERVIEW | COMPLIANCE | MARKETING | OPERATIONS | FINANCE | CONTACT
Improved CybersecurityThe National Association of Insurance Commissioners (NAIC) Cyber Security Taskforce recently adopted the “Cybersecurity Bill of Rights” to help policyholders understand what to expect if their personal information is compromised. Greater consumer protection may lead to greater compliance requirements.
SEC Modernization ProposalProposal could make it easier for funds to deliver information electronically to their shareholders, thereby rapidly accelerating the transition to digital communication for regulatory communications.
Department of Labor Fiduciary Rule The proposal to re-characterize individuals who sell investment products as fiduciaries looms large, potentially requiring new product designs and disrupting current distribution models. Further debate and discussion is expected both in Congress and the financial services industry before a final ruling becomes effective.
Variable Annuity Summary ProspectusMany believe the SEC will move forward with a proposal by the Insured Retirement Institute to adopt a rule allowing for the use of a simplified summary prospectus for variable annuities. The SEC is slated to rule on the proposal in the fourth quarter of 2016.
Regulatory changes on the horizon.
In 2016, many regulations have the potential to impact compliance. Those that may affect you the most include:
Are you sending the correct documents?
In today’s ever-changing landscape, if you’re not linking to the most accurate, up-to-date content, you can face risks and consequences on many fronts. Regulators have set the bar high with strict rules and increased enforcement. That means small errors can result in costly penalties. Digital solutions can help keep customers current while your business stays compliant—and in control.
Compliance for today—and tomorrow.
Your business can gain confidence and agility with fully compliant digital delivery. Work with a partner who can automatically integrate daily EDGAR updates into your regulatory documents and provide investor disclosure across all media: print, web and mobile. When compliance risks are fully mitigated, your company can maximize efficiency, productivity and customer satisfaction.
Inform your clients. Reduce your business risk.
23% of all funds CUSIPs file a change on EDGAR
On the busiest day
Over 10,000 CUSIPs in a single day
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Keep pace with compliance.
Marketing that creates longer-lasting relationships.
OVERVIEW | COMPLIANCE | MARKETING | OPERATIONS | FINANCE | CONTACT
Use digital connections to build more personalized, relevant customer experiences.
Today’s customers expect more from companies. They want an experience that’s more relevant and accurate as well as accessible through digital and mobile channels. Plus, they expect your organization will not only remember their preferences, but customize your communication to their specific needs.
Greater client satisfaction begins with digital transformation.
To drive your marketing objectives, your business needs to be more agile, accessible and connected. Whether it’s delivering a prospectus, semi-annual report or any other delivery, a digital solution is uniquely designed to provide a better customer experience at lower costs.
Your Proprietary
Website
Come to me
Go to them
Marketing that creates longer-lasting relationships.
OVERVIEW | COMPLIANCE | MARKETING | OPERATIONS | FINANCE | CONTACT
Achieve more personalized, targeted customer engagement.
Digital solutions can help target branded content, integrated document downloads and client-specific links that ensure your marketing efforts are specific and highly engaging.
It’s never been easier to generate truly customized investor content. Now, you can craft more relevant, portfolio-specific communications. When you increase e-delivery to connect with customers more effectively—and cost-efficiently—you’ll gain a clear marketing advantage that rewards your business today and into the future.
Access to the statement
An integrated experience
Deliver content that matters to me
Research tailored for me
Is it smarter to buy or lease?
Hextone
>
>
>Your retirement savings tracker
Hextone Financial AccountMar 1-Apr 4, 2016
You’re 30% ahead of schedule for 2016
Prepared for Jessica
Your current retirement holdings
Cash Stocks
Bonds
View Statement
Digital workflows and data intelligence drive down costs for tri-annual mailings.
Digital communication helps operations do more with less.
Make communications simpler, more streamlined and more cost-effective.
Going digital offers smart, simple and efficient workflows that deliver significant operational savings—right away. The proper partner can help you:
• Eliminate paper, postage and inventory expenses
• Reduce reliance on manual processes
• Drive greater efficiency
• Reduce costs
When you expand e-consent, you increase savings even more. Organizations can print digitally to customize investor-disclosure communications with fewer pages and less inventory. Plus, the right digital partner can systematically generate and host the most up-to-date content, for an efficient, time-saving advantage.
OVERVIEW | COMPLIANCE | MARKETING | OPERATIONS | FINANCE | CONTACT
OFFSET PRINTTraditional Big Book
DATA-DRIVEN INTELLIGENCEMini-Catalog
DIGITAL PRINT ON DEMANDPortfolio-Specific Print
PER EMAILEmail with links to EDGAR document
$28
$14
$8
$0.75
Digital communication helps operations do more with less.
“Automate” your cost recovery to improve cash flow.
A digitally automated workflow is driven by your business rules and your customer delivery preferences. That end-to-end solution offers sustainable savings—making print and postage expenses obsolete.
Boost insight, oversight, efficiency and savings when you automate workflow end-to-end.
Standardize your data
Brand your
documents
Suppress and
household
Deliver according to preferences
Document delivery histories
Generate a complete audit trail
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Connect to stronger financial performance—year after year.
Control costs, streamline operations, increase control and grow revenues year after year.
Digital adoption—delivers.
• Drive long-term efficiency and savings through automation and effective data use
• Create efficiencies on a valuable scale
• Add the agility needed to compete today and down the road
• Gain a sustainable business advantage
Enhance operations, compliance, marketing and finance with a digital solution from Broadridge.
Switch to the digital solution that delivers more:
• Reduce out-of-pocket expenses by up to 30% to 50% or more on regulated mailing print and postage costs.
• Eliminate the time and hassle of recouping costs from individual fund companies.
• Maintain a record of all compliance document deliveries for auditing purposes.
• Assure fund company partners have access to the lowest-cost fulfillment method—keeping their costs down as well as yours.
• Improve and enhance digital solutions with an infrastructure and approach that continually evolves with technology.
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digital adoption
fulfillment costs
© 2016 Broadridge Financial Solutions, Inc., Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions, Inc.
broadridge.com
About BroadridgeBroadridge is the leading provider of investor communications, technology-driven solutions, and data and analytics for wealth management, asset management and capital markets firms. We help clients drive operational excellence to manage risk, accelerate growth and deliver real business value. Our technology-driven solutions power the entire investment lifecycle, enabling our clients to successfully manage the complexity and operational requirements of today’s capital markets. Broadridge is at the forefront of multi-channel communications, strengthening our clients’ capabilities to communicate with their clients and investors and meet regulatory requirements.
You can rely on Broadridge.
• An NYSE traded company with 50 years of experience and a 98% client retention rate
• Manages proxy voting services for over 90% of public companies and mutual funds in North America
• Processes more than $5 trillion in fixed income and equity trades per day
• Enables over 2 billion multi-channel communications to investors annually
• Provides transparency into the distribution of over 90% of mutual fund and ETF assets
For more information, email us call +1 800 481 2331 or visit broadridge.com
A new approach to digital engagement will help you do more with less.
