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NFP Executive Benefits Launches Newly-Designed BOLI Admin System
Jun 05, 2012 (04:06 PM EDT)
NEW YORK, June 5, 2012 /PRNewswire/ -- National Financial Partners Corp. (NYSE: NFP), a leading provider of benefits, insurance and wealth management services, today announced that NFP Executive Benefits launched an enhanced version of its Client Plan Administration Delivery System or "CPADS" system. CPADS provides bank owned life insurance (BOLI) administration to nearly 700 bank and financial institution clients.
Matt Andersen, head of NFP Executive Benefits, commented, "The commitment from NFP Executive Benefits to grow our client value proposition with technology remains a key strategy and a core competency of the organization. We continually invest in our systems, and the newly designed CPADS takes our bank and financial institution client service capabilities to the next level."
NFP Executive Benefits employs the proprietary CPADS as a Web-based administration program for nonqualified plans and BOLI. The system automates the gathering, storage and distribution of key benefit and policy data to help resolve one of a bank's most challenging administrative issues: getting timely and accurate plan information. CPADS is a powerful service for clients that provides asset accounting, benefit liability accounting, concentration analysis, helps banks meet regulatory compliance requirements, as well as providing consolidated reports and other tax and accounting support. CPADS offers privacy and commitment to data protection for our clients by including an IT policy that adheres to ISO 27002 standards, being SSAE 16 (formally known as SAS 70 Type II) compliant, and having a multi-firewall strategy, virus protection, encryption of confidential data and strong login credentials.
With new features such as streamlined navigation, a personalized home page and dashboard, news and updates, this industry-leading system continues to deliver better service.
Commenting on today's announcement, Kim Clarke, a senior executive with NFP Executive Benefits, said, "We are again at the forefront of technology with this system enhancement. Clients will notice the upgrades, including the point-and-click navigation, aesthetics that are pleasing for the user, and an even greater depth of reporting and information. We continue to respond to the needs of the banking and financial institution industry with our commitment to service and technology."
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SOURCE National Financial Partners Corp.