Making a Business Case for Modernizing Core Systems for the US Retirement Industry: Value Beyond Cost Savings from a Cloud-enabled Recordkeeping System

21 May 2020
by Ronak Doshi, Aaditya Jain, Supratim Nandi, Vigitesh Tewary, Shrey Kalawatia

In this research, we take a deep dive into the recordkeeping function of the Defined Contribution (DC) plan administration business, analyzing the DC market and the recordkeeping function and exploring the challenges recordkeepers face as a result of their legacy technology estate. We provide the business case for recordkeeping system modernization, demonstrating the cost and operational efficiencies, along with improved customer experience and meaningful, data-driven insights that modernization enables. We also analyze the offerings of eight leading recordkeeping platform vendors and cover the approaches for core system modernization for recordkeepers.


In this report, we analyze the following eight recordkeeping platform vendors’ offerings: Avenu, Congruent, FIS, Infosys, Milliman, Oracle, Sapiens, and Tata Consultancy Services


This report includes the following topics:

  • Background and scope of our analysis of the US DC recordkeeping market
  • Deep dive into the DC recordkeeping market
  • The business case for modernization
  • Recordkeeping platforms landscape and the approaches to modernization


Insurance - IT Services (ITS)


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