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The 40-year evolution of a brand to reach the pinnacle in its industry.

June 2, 2023 by randersen0919

Steve Jobs once said, “Innovation distinguishes between a follower and a leader. “

In the death audit and participant locate market, PBI Research is the clear leader and constant innovation has been the catalyst. But it didn’t happen overnight. It started 40 years ago when the company began helping pension funds find unreported pension decedents and locate missing plan participants and beneficiaries. This unrelenting focus to provide accurate data on a consistent basis propelled the company upward.

However, the defining moment that would dramatically change the company’s trajectory came later. In 2011, the Social Security Administration’s Death Master File (DMF), started limiting the number of reported deaths due to concerns about the rise of identity fraud. It turned out to be a sea change for the industry as the DMF went from reporting 95% of deaths prior to 2011 to just 23% in recent years.

So, after 2011, pension plans and insurance companies could no longer rely on the DMF to find most of their decedents, which meant they had to do the work themselves – spending countless hours combing through disparate obituary data and various media sources from around the country. Or they could turn to companies like PBI for help. But even with the assistance of outside experts, the best they could hope for was to find 70% of deaths.

PBI was determined to do better. The company made the decision to invest millions of dollars into data technology and assembled the largest team of data experts in the industry to bring customers a better outcome. It took years, but the result was the introduction of CertiDeath® in 2019 – a game changer.

Using AI, over 26,000 obituary databases and their team of specialists, CertiDeath was able to identify 95% of deaths with 99.9% accuracy. Since its introduction, CertiDeath has helped clients eliminate over $200 million in overpayments and release billions in related reserves.

Building on its CertiDeath success, PBI continued to innovate. In 2022, PBI introduced CertiCensus®, the first and only complete population management solution available on the market. For plan administrators, record keepers, and insurance companies,  CertiCensus manages participant communications and finds missing decedents, participants, policyholders and beneficiaries.

As a true end-to-end solution, CertiCensus can significantly reduce plan management costs, eliminate overpayments, align with regulatory compliance, and mitigate cybersecurity risk. But perhaps most importantly it ensures a better participant and policyholder experience, locates beneficiaries with the benefits they deserve and helps ensure the longevity of the fund.

This year PBI is introducing CertiSearch®, the soon-to-be premier participant locate service on the market. Like our other offerings, it leverages our state-of-the-art data systems and team of experts to find more missing participants and beneficiaries than any other service.

You’ll also notice our new look. We’ve refreshed our logo, colors and design which reflects our never-ending commitment to reach higher in everything we do.

It’s true, innovation drives our growth, but customer service sustains it. Our customers can always rely on our dedicated sales and account teams to make sure they get what they need every day – satisfaction reflected by a 98% product renewal rate. At the end of the day, PBI customers can rest assured they’re doing what’s best for their plan, participants, beneficiaries and policyholders.

Filed Under: Blog, Category #1, Portfolio Tagged With: PBI, PBI Research

Why Clean Data is Crucial for Successful PRT Transactions

May 11, 2023 by randersen0919

Before considering a Pension Risk Transfer (PRT), plan sponsors should examine the data readiness of their participant population. Participant data accuracy has a significant impact over the PRT process and its pricing. Reliable and accurate participant data that will not need to be scrutinized later gives the insurer the confidence to provide a reliable price upfront. It also ensures that the participant is receiving communication, better understands the upcoming changes, and will receive future communications from the insurance company.

Clean and accurate data assures insurance companies that DOB, SSN, address, phone number and other information for the participant pool and beneficiaries is up to date. A data cleanse should also include finding missing participants and a death audit of the participant pool to confirm the plan is not making inaccurate payments.

Investing in a data cleanse and a death audit will generate a positive return for plan sponsors as it will attract more insurers interested in quoting and assure a more accurate price. For insurers, it will give them the ability to identify and include more participants in an annuity lift-out. Clean data will also ensure more effective and efficient participant communications which will help provide a better participant experience when the insurer takes over administration.

In a recent PBI webinar, industry leaders weighed in on the importance of clean data prior to a PRT transaction.

Curt Marusik, Vice President of Pension Risk Transfer at Alight said “It’s important to have a thoughtful participant communications process and remember that these are not just transactions, there are real people involved and they are dependent on these funds every single month to show up on time without exception…and making sure that at the end of the day those people are your priority, that is the job.”

Norman Stein, Pension Rights Center, added comments about the importance of fully communicating the pros and cons of the PRT. “There is a high level of anxiety for participants when there is a PRT. They have so many questions. So it’s critical to have the data in order and up to date to give participants an opportunity to find gaps and correct errors and get their questions answered”.

Glenn O’Brien, managing director, head of U.S. market, Prudential, said the data standard for an annuity transaction has one of the highest thresholds associated with pension plan management. This is because of the irrevocable nature of PRT transactions.

“Once the assets leave the ERISA jurisdiction, they come to the insurance company framework, and the owner of the assets and liabilities is the insurance company,” O’Brien said. “For the insurer, it is critical to have the ability to assess and underwrite the transaction correctly.”

Finally, there is growing scrutiny from the U.S. Department of Labor, state regulators, and the Pension Benefit Guaranty Corporation regarding PRT transactions, and data cleanup will help to reduce the cost and risk involved in the plan transfer.

Filed Under: Blog Tagged With: PBI PRT, PRT Pension Risk Transfer

Best Brand Stunts

February 10, 2019 by randersen0919 Leave a Comment

Brand stunts seem to be growing and getting more and more creative. Why? A clever brand stunt flawlessly executed can create lots of buzz and that means unlimited free publicity via news organizations and social media. It can also help invigorate a brand in a way that paid ads cannot. Plus, if the stunt is recorded, the buzz can continue in video ads and commercials.

Here are some of our favorite brand stunts from 2018:

Drone Dance – For the opening ceremony of the 2018 Winter Games in South Korea, Intel launched 1,200 lighted drones choreographing them to fly together to form a moving snowboarder, a dove flapping its wings and the Olympic rings. The dancing drones were actually filmed in South Korea in December 2017 and rebroadcast for the event. The drones have been used at other events forming many other shapes including the Intel logo.

Fast Lane – SpaceX’s Falcon Heavy rocket took off earlier this year with an extra payload – a Roadster, an electric sports car built by sister company, Tesla. Strapped inside the red convertible is a mannequin wearing one of SpaceX’s spacesuits. Both of Elon Musk’s brands should get plenty of mileage from the stunt as the car is expected to orbit the sun for hundreds of millions of years.

Whopper of a Deal – To get customers to download their app, Burger King enticed them with a one cent whopper. The catch: they had to be in close proximity of a McDonald’s to activate the coupon. Why? Well it creates more buzz when you clog your rival’s parking lots and cause confusion as some customers mistakenly asked for the penny Whopper at McDonald’s. Maybe McDonald’s should have countered by offering a Big Mac for a penny – after downloading their app of course.

Win Diesel – Part of Diesel’s “Go with the Flow” campaign created by Publicis New York, the clothing brand opened a one-off store in an area of Manhattan known for offering cheap fakes of well-known brand names. To make sure customers thought the items were truly knock-offs, the T-shirts, hats and jeans were labeled with Diesel misspelled as “Deisel”.

But all of the clothing items were genuine Diesel products made in their manufacturing plant in Italy and sent to the pop-up shop on Canal Street. The store was only open for two days, but the company recorded customer interactions at the store and will feature them in an ad campaign making the prank a long term win for Diesel.

Priceless Payless Prank – Like Diesel, Payless Shoes opened a fake store, but it went in the opposite direction. Payless created a high-end, fashion shoe store brand in a posh Los Angeles neighborhood with an Italian sounding and brilliant name that played off their own; “Palessi”.

Dozens of VIP fashion “influencers” from around LA were invited to Palessi’s private “grand opening”. Actual sales were recorded (to be used later in commercials) showing the fashionista’s exclaiming about the high quality and style of the footwear. Many paid as much as $645 for shoes that Payless normally sold for $19.99 to $39.99. The duped buyers were informed of the prank soon afterward and received full refunds. They got to keep the shoes along with a few scuffs on their reputations.

Filed Under: Blog

What Makes Loyalty Programs Click

October 11, 2018 by randersen0919 Leave a Comment

The first thing to remember about loyalty programs is why they exist. The intent is to reward your biggest customers—the 20% that account for 80% of your sales. The goal is to keep your core customers coming back and adding to this coveted base of marketers used to call “heavy users.”

By design, loyalty programs provide rewards based on purchase quantities so they’re not going to please customers who don’t purchase in volume. Category managers need to understand some customers will be disappointed by the reward levels. That’s OK. The program won’t please everyone. It just needs to please your biggest customers.  Some loyalty programs fail because they try to please everyone.

Some loyalty studies analyze and examine rational and emotional drivers, but these have more to do with brand loyalty, not loyalty programs. Your top customers buy your product or service because it satisfies their needs. The rewards program helps to keep them coming back. So when you create a loyalty program, consider what successful ones do.

Keep it Simple

Loyalty programs can get complicated in a hurry. Make it easy to understand and quick to join. Most importantly, it should be really simple to participate.

When Starbucks changed their reward program from a simple 12 Star program (buy any item 12 times and get one free) to the 125 Star program (earn 2 stars for each dollar spent), social media lit up with angry customers. It didn’t help that participants now had to spend more to earn the same reward.

Offer High Value Rewards

Many programs fail because they offer rewards with low value or require a level of purchasing beyond what even their top customers could easily reach. Striking the balance can be tricky. You must reward your biggest customers, but you need to minimize costs to meet profit goals.

For Xbox Live customers, Microsoft sent them a gift reward on their birthday. Good idea, but it was worth only 25 cents — causing more negative backlash than goodwill. Remember these are your core customers who represent the majority of your revenues. Reward them accordingly.

Innovate

Innovation drives growth. Whether it’s innovative new products, services or loyalty programs. For example, why not reward customers who have been loyal for 5, 10, or even 20 years? These customers like to be appreciated, but rarely are. They may not represent the top 20% of your sales, but consider how they’ve contributed over many years. E.G. a bank could offer rewards like free checking (without restrictions) or a free safety deposit box for customers reaching certain milestones. Budget issues? Recognition is free and always appreciated.

Expand your rewards

Keep it fresh. Think of new ways to reward your customers. Originally Amazon Prime offered just free shipping for $99 a year, but added other benefits such as live streaming music, movies and TV shows and more. Remember the CPG adage: If you don’t satisfy your customers (especially your best customers), someone else will.

Filed Under: Blog

Millennials: Separating Fact from Fiction

October 11, 2018 by randersen0919 Leave a Comment

Category managers need to understand Millennials— who they are, what they buy, how they shop and much more. Why? Millennials are now the largest generation and the largest segment of the workforce. They spend hundreds of billions of dollars a year as most have now graduated from college and have begun their careers.

Much has been written about Millennials, aka Gen Y, the boom echo and the selfie generation. Some of it conflicting. We’ll try to sort it out for you.

Who are Millennials?

There’s no official age range, but the one that seems to be the most acknowledged is from Pew Research who define Millennials as born between 1981 and 1996 — which puts them in the age range of 22 to 37. There are approximately 74 million Millennials. By contrast, baby boom births totaled 77 million, but the number of boomers still living is less than 65 million.

Millennials are now entering their prime spending years as they begin and advance in their careers, get married and start families. They’re buying TVs, cars, homes and like to travel. They currently spend $200 to $600 billion a year depending which study you read. Even at the low end, it’s significant and growing rapidly.

What are their buying preferences?

Everyone knows they’re tech savvy and like to shop online. But there is some debate about whether they prefer brick and mortar or online shopping. Most agree Millennials like to first research products online. Then they either order for delivery or pick up at the store known as BOPUS (Buy Online Pick Up at Store). They like deals. Think coupons, promo codes and free shipping.

Influencers

Peer and general customer reviews strongly influence Millennial buying choices. Generate conversations among your Millennial customers and encourage public reviews of your products and services. Make it easy for Millennials to share with their friends when they choose your brand. Encourage reviews on other sites. They more skeptical of conventional advertising

Millennials are also socially conscious and like to support local companies. They’ve been brought up learning about preserving natural resources and like businesses that actively support and promote a greener economy.

Healthy Appetite

At the grocery store, Millennials with children are showing a strong appetite for fresh fruits, organic and natural items—particularly locally grown. The impact? Produce sales increases have outpaced all other grocery categories nationally over the past few years. Conversely, other categories such as pre-packaged foods have experienced lower demand.

Faster Food

Business Insider’s Akin Oyedele reported that Millennials spend the least amount of time on meal preparation compared with older generations. They’re more likely to eat at restaurants, pick up prepared meals (meal kits), or order delivery. Bankrate data shows that 54% of Millennials eat out at least three times or more each week. As a percentage of expenditure, Millennials spend more than Generation X and baby boomers on food away from home.

Retail

A recent report by Cassandra found that 70 percent of Millennials surveyed dislike loud and busy stores. They prefer brick-and-mortar stores that are relaxed and unfrenzied. Millennial shoppers like to do research online, but also appreciate the opportunity to ask questions with a retail employee.

Millennials like new experiences. With the increasing number of empty store fronts, retailers are have more short term options. This means more pop-ups, more temporary leases, and a wider, more convenient selection for discerning Millennial shoppers. Pop-ups, work in part, because of their spontaneity. The brief, get-it-while-you-can nature of temporary locations excites Millennial shoppers.

To DM or not to DM

There are many reports that show Millennials read and respond positively to direct mail. However, most of the studies we found were prepared by direct marketing companies or the U.S. Post Office so they should be taken with a grain of salt. It may seem counterintuitive, but there is some logic to consider direct mail to reach Millennials as it may help break through the copious amounts of digital ad clutter they encounter on a daily basis.

Spend Time to Save Money

Finally, it’s important to remember that Millennials grew up during a major recession. Many have accumulated large amounts of student loan debt. They are quite willing to thoroughly research products to be confident they’re getting the best quality at the lowest price from a brand that aligns with their values.

Filed Under: Blog

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