June 5, 2012 /PRNewswire/ -- National Financial Partners Corp. (NYSE: NFP), a leading provider of benefits, insurance and wealth management services, today announced that NFP Executive Benefits launched an enhanced version of its Client Plan Administration Delivery System or "CPADS" system. CPADS provides bank owned life insurance (BOLI) administration to nearly 700 bank and financial institution clients.
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Matt Andersen, head of NFP Executive Benefits, commented, "The commitment from NFP Executive Benefits to grow our client value proposition with technology remains a key strategy and a core competency of the organization. We continually invest in our systems, and the newly designed CPADS takes our bank and financial institution client service capabilities to the next level."
NFP Executive Benefits employs the proprietary CPADS as a Web-based administration program for nonqualified plans and BOLI. The system automates the gathering, storage and distribution of key benefit and policy data to help resolve one of a bank's most challenging administrative issues: getting timely and accurate plan information. CPADS is a powerful service for clients that provides asset accounting, benefit liability accounting, concentration analysis, helps banks meet regulatory compliance requirements, as well as providing consolidated reports and other tax and accounting support. CPADS offers privacy and commitment to data protection for our clients by including an IT policy that adheres to ISO 27002 standards, being SSAE 16 (formally known as SAS 70 Type II) compliant, and having a multi-firewall strategy, virus protection, encryption of confidential data and strong login credentials.With new features such as streamlined navigation, a personalized home page and dashboard, news and updates, this industry-leading system continues to deliver better service. Commenting on today's announcement, Kim Clarke, a senior executive with NFP Executive Benefits, said, "We are again at the forefront of technology with this system enhancement. Clients will notice the upgrades, including the point-and-click navigation, aesthetics that are pleasing for the user, and an even greater depth of reporting and information. We continue to respond to the needs of the banking and financial institution industry with our commitment to service and technology." About NFP Executive Benefits NFP Executive Benefits, a part of NFP Corporate Client Group, provides nonqualified plan consulting and administration, institutional funding solutions for corporations and banks and executive life and disability for executives and boards of directors. The group provides its industry-leading services to over 1,100 corporations and banks in the United States as well as in more than 65 other countries. To learn more, visit www.nfpeb.com. About NFP National Financial Partners Corp. (NYSE: NFP), and its benefits, insurance and wealth management businesses provide diversified advisory and brokerage services to companies and high net worth individuals, partnering with them to preserve their assets and prosper over the long term. NFP advisors provide innovative and comprehensive solutions, backed by NFP's national scale and resources. NFP operates in three business segments. The Corporate Client Group provides corporate and executive benefits, retirement plans and property and casualty insurance. The Individual Client Group includes retail and wholesale life insurance brokerage and wealth management advisory services. The Advisor Services Group serves independent financial advisors by offering broker-dealer and asset management products and services. Most recently, NFP was ranked as the eighth Top Global Insurance Broker by Best's Review; operated the fourth largest Executive Benefits Provider of nonqualified deferred compensation plans administered for recordkeeping clients as ranked by PlanSponsor; operated a top ten Independent Broker Dealer as ranked by Financial Planning and Financial Advisor; had three advisors ranked in Barron's Top 100 Independent Financial Advisors and is a leading independent life insurance distributor according to many top-tier carriers. For more information, visit www.nfp.com.