My Work Pal

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MyWorkPal

The rationale for creating MyWorkPal came from a convergence of many factors driving business change in the financial services industry:

  • The weak UK economy has limited the investment in new financial services technology
  • RDR has made it hard for advisers to justify maintaining legacy private clients
  • Auto-Enrolment for SMEs is squeezing margins
  • Employee communication is traditionally only one-way information, not truly reciprocal engagement
  • The narrow and silo’d relationships between Advisers, Providers and Tech companies leaves many gaps to fill

At Avantus Systems we have a unique vantage point over Product Providers, Platforms, Intermediaries, Technology Companies and Consumers, which has resulted in this clear vision and fresh approach.

We identified how to combine a solution to address all the above using intelligent data, so that the market would have access to technology which was more functional, flexible, integrated, reliable and lower cost than anything so far available.

This is now all available in MyWorkPal.

Avantus Systems also provides consultancy and support for firms planning their online strategies for Employee Engagement, Direct to Consumer and other areas which are at the forefront of the industry following this rapid introduction of regulatory changes.

WHAT MAKES MYWORKPAL UNIQUE?

There are several aspects that can cause concern for firms choosing an employee benefits communications system. MyWorkPal addresses these common challenges as it has been built specifically with those challenges in mind:

FORGOTTEN PASSWORDS

We’ve all got too many passwords, so we forget the ones we rarely use. To overcome this, you have the option to allow employees to link their familiar social logins, such as Google+, Facebook and Twitter. Not only does it make life easier for staff doing required tasks, it also means they are more inclined to use the other benefits and become more engaged.

ULTRA-FAST AND EFFICIENT SETUP

Our multi-tenanted technology means that setting up each client is very fast and easy. No longer will it take you days, weeks or months, it’s a just matter of hours or even less for a simple scheme. Furthermore, you don’t even need to get us involved: just use the tools to set the configuration and off you go. Better still, there’s no setup charge for each employer, just a low monthly fee.

BUSINESS INDEPENDENCE

Many employee benefit software firms are tied to pension providers or financial intermediaries, making it very difficult periodically to migrate all clients to a new system, which itself has to be learnt from scratch, causing massive upheaval and disruption. MyWorkPal is independent of any pension company or financial advice firm, resulting in less risk of self-competing and enabling you to keep all corporate clients on one consistent platform, even when your pension providers change over time.

ADDRESSING RARE USAGE

Some employers only have an annual window for employee choices, with very few benefits, so users rarely visit and are therefore not as engaged as they could be. MyWorkPal can provide employees with meaningful engagement tools (e.g. D2C financial products, personal calculators, data-driven recommendations, etc), so they have a desire to visit far more frequently.

ORPHANED EMPLOYEES

When an employee leaves, they no longer require access to their employer’s system on your platform. However, some employees may also be private clients of yours. MyWorkPal is portable, so orphaned employees can still access their private information via your own-branded platform, with the previous employer information no longer there.

You then have continuity of the relationship and will be in a much better position to cross and upsell other products and services into the future.

COMMERCIAL CHALLENGES

Costly installation for each Employer

Several firms will charge you many thousands just to set up each new employer on your system. MyWorkPal has no setup fee for each employer, only time-and-materials for customisation (if you require it). We can afford to do this thanks to our multi-tenanted technology.

Contract Renewal Licences

Other companies will charge you a 5-figure licence renewal fee every 3 or 5 years just to be permitted to continue using your core system. MyWorkPal has no such contract renewal payment. Once your system is set up, then it’s set up. The only other core system licences are the monthly per-company and per-employee fees.

Affordable and Efficient Monthly Licensing Model

We have deliberately adopted a monthly per-employee licence model, rather than an enormous one-off installation fee or fixed monthly fee. We believe the per-employee model is the fairest method, for the following reasons:

  1. Initial setup fees are lower, as the risk is taken by us and the core software development costs are spread over time and across several MyWorkPal clients.
  2.  A fixed monthly licence fee would seem very high initially (making you unhappy), but as your user-base grows, that fixed fee would soon be too low to cover our internal support costs (making us unhappy), thus requiring renegotiation and dissatisfaction on both sides. Instead, we have a stepped economy of scale on a per-employee basis, which ensures you are paying a fair and proportional fee for the usage of your system, whether large or small.
  3. The per-employee licence fee includes upgrades and new features that other firms may have contributed towards, which then become a core part of the system. You become part of a crowd-development for the greater benefit of all. If you only had a single installation without ongoing licensing then you would not benefit from this ongoing development programme.

Visit the MyWorkPal website for more information.

MyWorkPal