After 15 years of service, the record-keeping system used by the retirement services division of American United Life had run its course. It had served the company well, but lacked the flexibility to help the company maintain its strong position in the 401(k) market.
“We were getting a lot of pressure from our agents and our customers to offer more products and to have some flexibility in our pricing,” said John Bilo, vice president of accounting control for the retirement services division at AUL. “We had to look to upgrade our system or go outside.”
One of the problems with the old system was the limited number of funds it could offer. Research found that OmniPlus from Sungard EBS could offer 800 funds. (This lack of flexibility goes back to the original software. Rather than the original manufacturer maintaining the system, it became AUL's job-this probably kept the company from adding functionality to it, according to Bilo.)
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