The Hindu Business Line : Congruent to tap overseas markets

Congruent Solutions is looking to tap the `Outsourced Benefits Administration Services' potential in the UK, Japan and Australian markets. The company hopes to penetrate these markets over the next two or three quarters.

The Chennai-based company, which started off as a software services provider in 1995, started offering business support services as well, albeit in a specific set of technologies and verticals four years ago. "We have, over the years, pioneered in offshore 401(k) administration services for Plan Providers and Third Party Administrators (TPAs) by offering a combination of technology development and business support services. We are, in fact, the first company in India to provide business support services for the retirement plans market in the US," Mr Bala J. Raman, Co-Founder and President, Congruent Solutions, told Business Line.

The company commenced its Singapore operations recently and is all set to establish a relationship office in the UK within the next 6-8 months.

Stating that such services provided an opportunity for TPAs to reduce their administrative costs and handle time-sensitive seasonal requirements, Mr Raman said that Congruent's offshore methodology guaranteed processing accuracy and on-time completion of processing work.

Upbeat about future

While Mr Raman is upbeat about the future, he said that the revenue from this space was just one-fourth of its total business at present. "The challenge is in scaling up the processes and reaching out to high-end TPAs and insurance companies (in the US)."

Congruent's benefits administration services for Plan Providers include participant statement processing, (low risk) contribution processing, trust accounting and compliance testing.

"By outsourcing these processes, the TPAs managed to bring down their processing cost (for routine transactions) by 50 per cent," he said, adding that the model has helped increase the productivity level of the TPAs by relieving them of back- end processes and sparing them more time for advisory services.

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