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pensionsync & benefits.market

Will Lovegrove
Will Lovegrove

Will Lovegrove gave a presentation on opportunities for payroll professionals from data automation and automatic enrolment. He discussed how pensionsync automates pension data submission, saving time. This allows payroll teams to focus on higher value tasks or take on new opportunities like advising clients on employee benefits now that automatic enrolment workload is reduced through automation. Benefits.market connects employers and payroll software to provide affordable group insurance quotes using client data already submitted for automatic enrolment.

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Will Lovegrove CEO ≒ Were a FinTech company, founded in 2015 specifically to help lower the burden of AE ≒ You will know us pensionsync ≒ A proud partner of Star Payroll ≒ This talk is entitled: Opportunities that data automation brings for payroll
- Professor Robert Gordon - 2nd Industrial Revolution, from 1870 to the post-war boom. - Inventions like electric lighting and the internal combustion engine, were, he says, transformational. - But now, he says, the technology advances were making are only incremental
- Lets start by asking the big question: - Will a Robot take your job?! - The BBC have answered this for me
- Bad news! - You are 97% likely to be replaced by a robot in the next 20 years - Fake news by the BBC! I do not believe this.
- A little more information here for you about your industry
- Matt Hancock made an interesting speech a year ago. Much of what he said I agree with - Every time new technology is introduced, someone is made to feel uncomfortable - But I have to tell you, as someone who has devoted much of his time to automating your job, that everytime I speak to a payroller, and describe what my company does the reaction is not one of fear. Its of gratitude. - Thank you for making automatic enrolment simpler! Automation cuts costs, reduces the mundane tasks, and allows will allow payrollers to focus on more important, higher value tasks, and, something that I strong believe in, opens up new opportunities that everyone can benefit from.
Where are the new opportunities for Payroll? Before I answer this question, let me take a few minutes to describe in more detail what pensionsync does, and how it helps make automatic enrolment easier for accountants, bookkeepers and payrollers in this country
REAL pension data automation is hard, dif鍖cult and has to do the job 1. Not leaving your payroll software & visiting the pension providers website 2. Not entering your log-in details every submission 3. Sending member data without a CSV 4. Sending contribution data without a CSV 5. Contributions are automatically collected by the provider? 6. Updating opt ins/opt outs 7. Fixing errors within your payroll software (with good customer service)
FREE https://www.pensionsync.com/ResourceSaving Our online calculator (www.pensionsync.com/resourcesaving) helps payrollers calculate exactly how much time and money pensionsync can save them. pensionsync is free . How can this be?
Our platform connects to multiple pension providers, inviting the question which one is best for my business. - Thats why we built pensions.market - A simple and free website to help bureaus and their clients understand the differences between workplace pensions
1. Limited choice of providers/Scheme set up on their behalf 2. A default postponement & contribution option 3. AE processing 4. Statutory communications 5. Provision of data to the pension provider 6. Submission of the declaration of compliance with TPR And most will pay for this WITHOUT QUESTION for a reasonable, simple fee - Automation saves you, the payroller, time and money - And its safer, more accountable than emailing CSVs - Our clients now number in the thousands. - Heres a list of lessons we have picked up from our clients - The last one is the most important one AE is an opportunity to strengthen your relationship with your client, add more value, do more. My accountant said to me once: if the software does it (automatic enrolment), then Ill do it for you Such an important statement.
For us, payroll is Auto Enrolment and Auto Enrolment is payroll therefore our prices are all shown as one combined fixed monthly fee. We knew that data transfer between payroll & pensions would have to be automated for AE; so we took an early decision to price AE inclusively.
Data insights ≒ A quick side track, but on the same theme ≒ Running a payroll data exchange allows us to gather in some insights.
- This is meta-data - Data we create by monitoring usage of our platform - We know that Tuesday is a big payroll day but we dont know why? - Possibly because many of our customers process weekly payrolls, on a Monday, and then upload the pension data via pensionsync on Tuesday
- We know that Payrollers work on pension submissions very early in the day - And sometimes into the long hours - But most break off before 6pm (at least as far as pensionsync work is concerned). - having access to payroll data (legal access) enables other opportunities - In this case the opportunity is one of resource saving as my technical team fine tunes our platform to be powerful enough to handle peak load, but not waste money on computing power at other times
Where are the new opportunities for Payroll? ≒ Lets come back to this question: where are the new opportunities ≒ If automation will replace low value functions, then what other functions can payroll teams take on, higher value functions. ≒ The answer first needs another question: where are the problems?
What do employers really want? - Why do we start our own companies? - Start-ups in the future are in scope of AE, from day 1. AE is just another compulsory purchase. - Ive run a business for 9 years - White collar, knowledge based business in high technology, based in a major city. - I buy benefits for my staff. - Do I buy benefits because I want to protect my staff? No, thats a secondary consideration. - I buy benefits because I want my organization to be competitive, and survive. Thats my primary driver. - E.g. Recruitment, competition for talent
What do Government really want? Happy Citizen body Prosperous, fair society Balance the books Protect the weak, enable the strong In recent years the state has been consistently reducing benefits: ESA The state benefits wont stretch far enough any more: example: pensions We know the state has disrupted the pensions industry. Another area they are looking at is sick pay and insurances to help long term sick back to work. We know this from a Department Work Pensions Green Paper published last year entitled improving peoples lives
Pensions are historically an employee bene鍖t Its not the only one Group Life insurance 52,362 Group Income Protection 17,168 Group Critical Illness 3,311 - Group Risk insurance has a distribution problem - Advisers are the distributors, but they find it difficult to engage with SMEs for a range of reasons. - Its not their fault. - The statistics are frighteningly similar to pensions take up before automatic enrolment - This is starting to look like AE again. - Some people in the industry think that Group Risk is the next automatic enrolment - Will this ever change? I'm really not certain that it will, unless an outsider reconfigures the way our products are devised and sold quite radically. And even then they have a regulator to battle with. Peter Le Beau May 2017
- So where am I going with this? - Its where I think the next big opportunity is for payroll: helping their clients make their workforce more competitive, through employee benefits. - I dont know any accountant, or payroll agent, that does not have their clients interests at heart. - I think financial business advisers like accountants and bookkeepers are well placed to talk to their clients about employee benefits. - But there are some considerable challenges not least of which is that these benefits are regulated
02 03 01 Automatic Enrolment problem & opportunity Payroll workload 01 Introduce new technology 02 Opportunity to transform the market 03 Automatic enrolment has created an increased workload within payroll teams, who for the majority of the 1.8m Employers in the country are outsourced to accountants. This has created the opportunity to introduce a data automation platform: pensionsync. And a connected employee benefits platform: benefits.market There is a clear opportunity to transform the employee benefits market by creating a connected employee benefits marketplace which unites Employer, Accountant and Advisor together, enabling Life Insurance companies and pension providers to trade efficiently with that market.
≒ Traditional EBC activities are manual, labour intensive, and are not financially justified for small clients (based on income for the adviser of commission alone). ≒ This means many advisers/employee benefit consultants ask for a project fee, and this fee becomes a financial barrier for the client. ≒ Would you pay a consultant a higher price than the cost of the insurance that consultant then recommends to you? ≒ Somethings wrong with that.
Big companies only The established distribution system favours the larger employer 2 The Adviser has to ask the client to give them a profile of the workforce. Name, Age, Gender, Job Title, Place of Work, Annual Salary Gather in client data 1 Win the client The Adviser has to market and sell to the client. The larger the client, the higher the fees, the larger the sales commission. 4 The adviser supports the employer as they apply for the policy, in paper, and then receive the sales commission. Open and administer the scheme 3 Review the market The Adviser contacts each insurance company separately and discusses their quote for life insurance, PMI, Health Cash Plan, Income Protection and Critical Illness Traditional employee bene鍖ts consulting tasks
≒ The technology we have developed can perform the same tasks in a fraction of a second. ≒ A profound step change. ≒ Meaning that for the first time the SME market has a low cost/free distribution method for these important benefits.
All employers Digital technology means all employers can be serviced cost effectively 2 The client data is already submitted to benefits.market via their payroll software as part of their automatic enrolment duties Gather in client data 1 Win the client The employer is already connected to benefits.market via their payroll software & introduced to the market by their accountant 4 Benefits.market is connected to the Life Insurance companies back office systems and automates the set-up and ongoing administration Open and administer the scheme 3 Review the market Benefits.market is able to host & trigger price calculation algorithms supplied by leading life insurance companies to automatically create price comparison tables
-Were proposing a brand new way of distributing regulated insurance products, leveraging an automated data flow through pensionsync -2 problems solved, through one system -Doing in seconds what employee benefits consultants take days if not weeks to do
- Its a Percy Shaw moment the inventor of the cats eye. - A simple invention that mades road safe, and at the same time had an auto-cleaning mechanism. - Whenever a car ran over a cats eye, the cats eye cleaned itself. - Pensionsync & benefits.market helping to lower the burden of automatic enrolment, and at the same time find tailored quotes for important foundation employee benefits. - But lets be clear Im proposing to do stuff with your clients payroll data over and above delivering it to a pension provider - That should concern you - So let me take this opportunity to give you some rock solid guarantees
Will not approach your clients directly, without 鍖rst obtaining your permission Will not spam your clients Will not break DPA/GDPR Will not apply our bene鍖ts algorithms without the explicit consent of the data controller No payroll data is seen by our staff, or shared with any insurance company or 3rd party to calculate the comparison tables Were operating as part of the FCA sandbox
Automation enables productivity Pensions and employee bene鍖ts is an opportunity The goal is to help employers build great companies - This is my new opportunity for payroll: employee benefits - Truth is you have already started down this road with Automatic Enrolment, because pensions is an employee benefit (and some of you manage BIK) - Pensionsync can help you be more productive, which allows you to do more with your time - Chose where to spend it (rather than on mundane pension data issues) - Like New business opportunities, productivity, pulling in new clients - The potential of Benefits.market is that allows you to start a dialogue with your clients about other employee benefits: protection and support for themselves and their staff at the worst of times, which is something that many employers may value highly - Done with the support of a high technology company that is supported by the FCA
pensionsync & benefits.market
Easy to set up & use from within Star. Click on: ≒ Utilities menu ≒ Auto Enrolment Admin ≒ pensionsync pensionsync.com/UserGuides≒ If you do not already use pensionsync, then it could not be easier to activate within Star Payroll. ≒ My colleagues and I can provide training sessions and ongoing customer support to your teams.
Regular pensionsync for Star webinars: ≒ set up ≒ how to resolve the most common errors for each pension provider ≒ questions & answers ≒ Contact us to get the date for the next one: hello@pensionsync.com
Will Lovegrove CEO will@systemsync.solutions

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pensionsync & benefits.market

  • 1. Will Lovegrove CEO ≒ Were a FinTech company, founded in 2015 specifically to help lower the burden of AE ≒ You will know us pensionsync ≒ A proud partner of Star Payroll ≒ This talk is entitled: Opportunities that data automation brings for payroll
  • 2. - Professor Robert Gordon - 2nd Industrial Revolution, from 1870 to the post-war boom. - Inventions like electric lighting and the internal combustion engine, were, he says, transformational. - But now, he says, the technology advances were making are only incremental
  • 3. - Lets start by asking the big question: - Will a Robot take your job?! - The BBC have answered this for me
  • 4. - Bad news! - You are 97% likely to be replaced by a robot in the next 20 years - Fake news by the BBC! I do not believe this.
  • 5. - A little more information here for you about your industry
  • 6. - Matt Hancock made an interesting speech a year ago. Much of what he said I agree with - Every time new technology is introduced, someone is made to feel uncomfortable - But I have to tell you, as someone who has devoted much of his time to automating your job, that everytime I speak to a payroller, and describe what my company does the reaction is not one of fear. Its of gratitude. - Thank you for making automatic enrolment simpler! Automation cuts costs, reduces the mundane tasks, and allows will allow payrollers to focus on more important, higher value tasks, and, something that I strong believe in, opens up new opportunities that everyone can benefit from.
  • 7. Where are the new opportunities for Payroll? Before I answer this question, let me take a few minutes to describe in more detail what pensionsync does, and how it helps make automatic enrolment easier for accountants, bookkeepers and payrollers in this country
  • 8. REAL pension data automation is hard, dif鍖cult and has to do the job 1. Not leaving your payroll software & visiting the pension providers website 2. Not entering your log-in details every submission 3. Sending member data without a CSV 4. Sending contribution data without a CSV 5. Contributions are automatically collected by the provider? 6. Updating opt ins/opt outs 7. Fixing errors within your payroll software (with good customer service)
  • 9. FREE https://www.pensionsync.com/ResourceSaving Our online calculator (www.pensionsync.com/resourcesaving) helps payrollers calculate exactly how much time and money pensionsync can save them. pensionsync is free . How can this be?
  • 10. Our platform connects to multiple pension providers, inviting the question which one is best for my business. - Thats why we built pensions.market - A simple and free website to help bureaus and their clients understand the differences between workplace pensions
  • 11. 1. Limited choice of providers/Scheme set up on their behalf 2. A default postponement & contribution option 3. AE processing 4. Statutory communications 5. Provision of data to the pension provider 6. Submission of the declaration of compliance with TPR And most will pay for this WITHOUT QUESTION for a reasonable, simple fee - Automation saves you, the payroller, time and money - And its safer, more accountable than emailing CSVs - Our clients now number in the thousands. - Heres a list of lessons we have picked up from our clients - The last one is the most important one AE is an opportunity to strengthen your relationship with your client, add more value, do more. My accountant said to me once: if the software does it (automatic enrolment), then Ill do it for you Such an important statement.
  • 12. For us, payroll is Auto Enrolment and Auto Enrolment is payroll therefore our prices are all shown as one combined fixed monthly fee. We knew that data transfer between payroll & pensions would have to be automated for AE; so we took an early decision to price AE inclusively.
  • 13. Data insights ≒ A quick side track, but on the same theme ≒ Running a payroll data exchange allows us to gather in some insights.
  • 14. - This is meta-data - Data we create by monitoring usage of our platform - We know that Tuesday is a big payroll day but we dont know why? - Possibly because many of our customers process weekly payrolls, on a Monday, and then upload the pension data via pensionsync on Tuesday
  • 15. - We know that Payrollers work on pension submissions very early in the day - And sometimes into the long hours - But most break off before 6pm (at least as far as pensionsync work is concerned). - having access to payroll data (legal access) enables other opportunities - In this case the opportunity is one of resource saving as my technical team fine tunes our platform to be powerful enough to handle peak load, but not waste money on computing power at other times
  • 16. Where are the new opportunities for Payroll? ≒ Lets come back to this question: where are the new opportunities ≒ If automation will replace low value functions, then what other functions can payroll teams take on, higher value functions. ≒ The answer first needs another question: where are the problems?
  • 17. What do employers really want? - Why do we start our own companies? - Start-ups in the future are in scope of AE, from day 1. AE is just another compulsory purchase. - Ive run a business for 9 years - White collar, knowledge based business in high technology, based in a major city. - I buy benefits for my staff. - Do I buy benefits because I want to protect my staff? No, thats a secondary consideration. - I buy benefits because I want my organization to be competitive, and survive. Thats my primary driver. - E.g. Recruitment, competition for talent
  • 18. What do Government really want? Happy Citizen body Prosperous, fair society Balance the books Protect the weak, enable the strong In recent years the state has been consistently reducing benefits: ESA The state benefits wont stretch far enough any more: example: pensions We know the state has disrupted the pensions industry. Another area they are looking at is sick pay and insurances to help long term sick back to work. We know this from a Department Work Pensions Green Paper published last year entitled improving peoples lives
  • 19. Pensions are historically an employee bene鍖t Its not the only one Group Life insurance 52,362 Group Income Protection 17,168 Group Critical Illness 3,311 - Group Risk insurance has a distribution problem - Advisers are the distributors, but they find it difficult to engage with SMEs for a range of reasons. - Its not their fault. - The statistics are frighteningly similar to pensions take up before automatic enrolment - This is starting to look like AE again. - Some people in the industry think that Group Risk is the next automatic enrolment - Will this ever change? I'm really not certain that it will, unless an outsider reconfigures the way our products are devised and sold quite radically. And even then they have a regulator to battle with. Peter Le Beau May 2017
  • 20. - So where am I going with this? - Its where I think the next big opportunity is for payroll: helping their clients make their workforce more competitive, through employee benefits. - I dont know any accountant, or payroll agent, that does not have their clients interests at heart. - I think financial business advisers like accountants and bookkeepers are well placed to talk to their clients about employee benefits. - But there are some considerable challenges not least of which is that these benefits are regulated
  • 21. 02 03 01 Automatic Enrolment problem & opportunity Payroll workload 01 Introduce new technology 02 Opportunity to transform the market 03 Automatic enrolment has created an increased workload within payroll teams, who for the majority of the 1.8m Employers in the country are outsourced to accountants. This has created the opportunity to introduce a data automation platform: pensionsync. And a connected employee benefits platform: benefits.market There is a clear opportunity to transform the employee benefits market by creating a connected employee benefits marketplace which unites Employer, Accountant and Advisor together, enabling Life Insurance companies and pension providers to trade efficiently with that market.
  • 22. ≒ Traditional EBC activities are manual, labour intensive, and are not financially justified for small clients (based on income for the adviser of commission alone). ≒ This means many advisers/employee benefit consultants ask for a project fee, and this fee becomes a financial barrier for the client. ≒ Would you pay a consultant a higher price than the cost of the insurance that consultant then recommends to you? ≒ Somethings wrong with that.
  • 23. Big companies only The established distribution system favours the larger employer 2 The Adviser has to ask the client to give them a profile of the workforce. Name, Age, Gender, Job Title, Place of Work, Annual Salary Gather in client data 1 Win the client The Adviser has to market and sell to the client. The larger the client, the higher the fees, the larger the sales commission. 4 The adviser supports the employer as they apply for the policy, in paper, and then receive the sales commission. Open and administer the scheme 3 Review the market The Adviser contacts each insurance company separately and discusses their quote for life insurance, PMI, Health Cash Plan, Income Protection and Critical Illness Traditional employee bene鍖ts consulting tasks
  • 24. ≒ The technology we have developed can perform the same tasks in a fraction of a second. ≒ A profound step change. ≒ Meaning that for the first time the SME market has a low cost/free distribution method for these important benefits.
  • 25. All employers Digital technology means all employers can be serviced cost effectively 2 The client data is already submitted to benefits.market via their payroll software as part of their automatic enrolment duties Gather in client data 1 Win the client The employer is already connected to benefits.market via their payroll software & introduced to the market by their accountant 4 Benefits.market is connected to the Life Insurance companies back office systems and automates the set-up and ongoing administration Open and administer the scheme 3 Review the market Benefits.market is able to host & trigger price calculation algorithms supplied by leading life insurance companies to automatically create price comparison tables
  • 26. -Were proposing a brand new way of distributing regulated insurance products, leveraging an automated data flow through pensionsync -2 problems solved, through one system -Doing in seconds what employee benefits consultants take days if not weeks to do
  • 27. - Its a Percy Shaw moment the inventor of the cats eye. - A simple invention that mades road safe, and at the same time had an auto-cleaning mechanism. - Whenever a car ran over a cats eye, the cats eye cleaned itself. - Pensionsync & benefits.market helping to lower the burden of automatic enrolment, and at the same time find tailored quotes for important foundation employee benefits. - But lets be clear Im proposing to do stuff with your clients payroll data over and above delivering it to a pension provider - That should concern you - So let me take this opportunity to give you some rock solid guarantees
  • 28. Will not approach your clients directly, without 鍖rst obtaining your permission Will not spam your clients Will not break DPA/GDPR Will not apply our bene鍖ts algorithms without the explicit consent of the data controller No payroll data is seen by our staff, or shared with any insurance company or 3rd party to calculate the comparison tables Were operating as part of the FCA sandbox
  • 29. Automation enables productivity Pensions and employee bene鍖ts is an opportunity The goal is to help employers build great companies - This is my new opportunity for payroll: employee benefits - Truth is you have already started down this road with Automatic Enrolment, because pensions is an employee benefit (and some of you manage BIK) - Pensionsync can help you be more productive, which allows you to do more with your time - Chose where to spend it (rather than on mundane pension data issues) - Like New business opportunities, productivity, pulling in new clients - The potential of Benefits.market is that allows you to start a dialogue with your clients about other employee benefits: protection and support for themselves and their staff at the worst of times, which is something that many employers may value highly - Done with the support of a high technology company that is supported by the FCA
  • 31. Easy to set up & use from within Star. Click on: ≒ Utilities menu ≒ Auto Enrolment Admin ≒ pensionsync pensionsync.com/UserGuides≒ If you do not already use pensionsync, then it could not be easier to activate within Star Payroll. ≒ My colleagues and I can provide training sessions and ongoing customer support to your teams.
  • 32. Regular pensionsync for Star webinars: ≒ set up ≒ how to resolve the most common errors for each pension provider ≒ questions & answers ≒ Contact us to get the date for the next one: hello@pensionsync.com