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By Shanthi Kannan
CHENNAI, DEC. 3. Indian information technology and business process outsourcing (BPO) companies see opportunities in the U.S. as the retirement plan providers and third-party administrators (TPAs) are facing cost pressure, says the Co-founder and President of Congruent Solutions Pvt. Ltd., Bala J. Raman. Mr. Raman said the market for retirement plans had moved away from a regulated environment. He said the retirement plans were similar to the Indian National Savings Schemes, except that private players managed them and participants got their cash back upon their retirement. In the U.S, about 150,000 to 200,000 technical administrators are involved in the back-end operations for the third party administrators. The market is estimated at $6 billion. Even a 10 per cent of this market meant huge opportunity for 15,000 people, he said. Congruent, which has 70 people at its centre in Chennai, is developing a web-based self-service platform aimed at third party administrators. The platform would allow the participants to access information on plans, either through a browser or telephone. Congruent is a closely held company, promoted by Arun Sarathy and V. Chandrasekhar, besides Mr. Raman. The company has clinched an outsourcing deal with a California-based third party administrator, which has an asset base of $20 million, handling 450 plans for 70-odd clients. It is also developing a web-based product, expected to be ready in three months, for TPAs.It operates in verticals such as financial accounting, insurance, retail and e-learning. Congruent has hundreds of man-hours working on developing software products and has gained domain expertise in the area of retirement plans, which falls under the vertical of insurance.
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