Between a wave of industry consolidation and some plan sponsors returning just this year to COVID-delayed tasks, industry experts say they are seeing an uptick in requests for proposals this year.
About one-third of plan sponsors expect to go through an RFP process this year, according to data from Cerulli Associates, but only 10% of plan sponsors are doing so with the intention of switching providers. The rest plan to use the RFP for benchmarking purposes.
Matthew Eickman, was quoted in the article with this input.
“The aim of an RFP is not just to make a change,” Eickman says. “The aim is to achieve better pricing or better service or a combination of both. If that can occur with the incumbent, most plan sponsors would love not to make the change.”
For the full story check it out here.