John Hancock Life Insurance Company provides solutions for eight out of 10 top consumer financial concerns, including the need to plan for retirement, healthcare costs, and financial security. The company employs approximately 4,000 people and sells its solutions through a network of financial advisors based in 100 offices across the United States.
John Hancock accepts contribution data from its 401(k) plan sponsors in many forms, including hardcopy and an array of electronic formats. However, it took significant manual intervention to get that data into their administrative system, which was costly to enhance and maintain. To improve productivity, John Hancock hired Intelliware to build an online system capable of accepting and processing a variety of electronic file formats while the company undertook a campaign to encourage its agents to submit their data electronically.
Intelliware built a secure system that allowed John Hancock to submit a variety of electronic file formats through a secure browser. The system further parsed and formatted the incoming files to a standard file format that automatically loaded into the administration system. The resulting business benefits have been significant by both productivity and accuracy measures.