MPF Implements Pension Fund Management Solution
The Client
MPF Management Services is a South African-based pension fund manager, managing both the Mine Employees Pension Fund and the Sentinel Mining Industry Retirement Fund. The pension funds offer flexible investment choices and pension income choices to their members.
MPF assets are actively managed through a multi-manager approach and as of June, 30 2009 the value of the assets for the Mine Employees Pension Fund was R629 million. The Mine Employee Pension Fund serves the interests of 17,462 members and 22,478 pensioners, 51 employers participate in the fund.
The Sentinel Mining Industry Retirement Fund as of June, 30 2009 managed assets in the amount of R193 million. Currently the fund serves the interests of 33,460 members and 22,398 pensioners. Approximately 102 employers participate in the fund.
The Client's Needs
MPF had been using a very complicated system to administer two separate pension funds. The firm had a high staff turnover rate and its processes were not clearly defined or enforced, leading to a high volume of processing errors. Because of the turnover rate and undefined processes, it was difficult for MPF to train new staff and monitor their progress.
"We needed a model that was cost-effective and easy-to-use with the ability to be updated quickly as processes are developed," said MPF's Pieter Momberg.
How HighOrbit Helped
With HighOrbit, MPF has seen lower processing errors and greater accountability through streamlined processes. MPF is implementing 35 processes into the system and the firm has already experienced the benefits of proper discovery and creation of all activities within a process. By standardizing all processes, MPF now documents all processes with HighOrbit's Workflow Designer, producing process diagrams to make errors visible and now manageable. Because of HighOrbit’s intuitive interface, the learning curve on MPF's complicated system flattened and the skills required to administer it decreased significantly.
MPF has more than 100 registered users in the HighOrbit system, with more than 30 fulltime users. Since implementing HighOrbit, MPF has seen an increase in volumes processed with a much higher success rate, allowing for the potential for an increase in future business.
MPF chose HighOrbit because of its Web-based platform, low cost and simple implementation process. HighOrbit's intuitive process designer and user interface simplified the training process, and its customizable platform allowed for full integration with existing systems, including a work delivery mechanism accessible via their email program. HighOrbit has also streamlined MPF's updating of pension banking detail, pensioner address details, automatic generation of system letters and confidential issuing of member web access login.
The Results
MPF is experiencing the benefits of HighOrbit in several ways:
- Cost Effective: HighOrbit has helped improve efficiency, largely reducing processing errors. HighOrbit’s costing model was ideal with a low cost and a simple implementation process.
- Integrative: HighOrbit integrated all MPF’s existing systems, supplying a work delivery mechanism accessible via their email program.
- Monitoring: All MPF’s processes are now documented with HighOrbit’s WorkFlow Designer. The client now has access to process diagrams, a major reason for their reduction of errors.
- Productivity: Volumes processed has increased, in part due to HighOrbit’s assisting in resource loading, resource balancing and resource productivity.
- Accessible and Intuitive: Easy to use and available as a web service. Improved training methods, while flattening the learning curve and skills required for their system. HighOrbit also allowed for quick alterations to processes due to business demands.
"HighOrbit’s web access, integration and customization capabilities, and cost-effective pricing structure made it a good solution for MPF," Momberg said. |