NFP Launches a Newly Designed Administration Platform for Bank Owned Life Insurance
June 8, 2021 by NFP
NEW YORK, JUNE 4, 2021 – NFP, a leading insurance broker and consultant providing property and casualty (P&C), corporate benefits, retirement, and individual solutions, today announced the launch of its newly designed administration platform for bank owned life insurance (BOLI), powered by NFP Connect. The new platform replaces the current administration platform, CPADS, one of the first and most robust BOLI administration platforms of its kind.
Administering a BOLI program is now easier and more secure with NFP Connect. Integration with NFP Connect, automates the gathering, storage and distribution of key benefit and policy data for nonqualified plans to help resolve one of a bank’s most challenging administrative issues: getting timely and accurate plan information. As a result, the new platform provides asset and benefit liability accounting, as well as concentration analysis, helping banks meet regulatory compliance requirements and generate consolidated tax and accounting reports.
With NFP Connect, the BOLI administration system also offers even stronger data privacy and protection for NFP clients, as sensitive data is encrypted using industry standard algorithms. Additionally, integrating NFP Connect enables easy to use analytical tools and data-interpretation dashboards and features that banks and financial institutions utilize in ongoing monitoring of and due diligence for their BOLI programs.
“NFP’s commitment to growing our client value proposition with technology and security remains a key part of our strategy and a core competency of the organization,” said Joe Carpenter, president of NFP’s Executive Benefits division. “With over 1,200 bank and financial institution clients, NFP Connect allows us to better integrate our team with our clients to enhance how clients interact with NFP-related data and our technology ecosystem. We continually invest in our systems, and the newly launched platform powered by NFP Connect takes our bank and financial institution client service capabilities to the next level.”
“We’re excited that after listening to our clients’ feedback and making meaningful investments in our technology platform, we’ve evolved CPADS into something even better,” said NFP’s Kim Clarke, senior vice president, Executive Benefits. “We remain at the forefront of technology in our space and clients will benefit from the upgrades, including a new intuitive design, better organization, one-click functionality, report storage and immediate report access with no run time. Most importantly, in an environment where catastrophic cyber-attacks are becoming more common, NFP Connect offers a more secure platform with multifactor authentication and data encryption. Our focus on supporting the needs of the banking and financial institution industry, and our commitment to service and technology, are stronger than ever.”
“ABA is pleased to offer this valuable benefit to our member banks that allows real-time access to data for their BOLI Compliance and Administration. NFP’s outstanding expertise in this space is one of the many reasons it was awarded ABA’s endorsement,” said Jim Edrington, Chief Member Engagement Officer at the American Bankers Association.
NFP is a leading insurance broker and consultant providing specialized property and casualty, corporate benefits, retirement, and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 6,000 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors, and financial institutions. NFP is the 5th largest benefits broker by global revenue, 5th best place to work in insurance and 6th largest US-based privately owned broker (Business Insurance); 9th commercial lines agency by P&C commercial lines revenue and 10th largest property and casualty agency (Insurance Journal); and 12th largest global insurance broker (Best’s Review).
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