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Pension Benefit Calculation Engine from Ortec Finance
Flexible, parameter-driven engine for calculation of all types of pension benefits. Handles multi-scheme, multi-country, legislative compliance, real-time calculations for statements, projections, and self-service portals.
Product analysis by function
Benefit Calculation Engines for Member Administration
Specialized software that performs complex actuarial calculations for various benefit scenarios, including retirement, disability, survivor benefits, and pension transfers, ensuring compliance with plan rules and regulatory requirements.
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Core Calculation Functionality
(4 Yes /4 Known /12 Possible features)
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Defined Benefit Calculations Ability to calculate traditional pension benefits based on salary, years of service, and benefit formulas |
Product claims parameter-driven engine for all types of pension benefits—implying support for defined benefit calculations. | |
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Defined Contribution Calculations Functionality for calculating benefits based on contribution amounts and investment returns |
Handles all types of pension benefits; includes defined contribution alongside defined benefit. | |
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Hybrid Plan Support Capability to handle plans with both defined benefit and defined contribution components |
The 'multi-scheme' and 'all types of pension benefits' language covers hybrid plan support. | |
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Calculation Processing Speed The rate at which the system can process multiple benefit calculations |
No information available | |
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Calculation Precision The level of decimal precision for monetary calculations |
No information available | |
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Multiple Calculation Methods Support for different methodologies for calculating benefits (e.g., final average salary, career average) |
The claim of flexible, parameter-driven and multi-country legislative compliance supports multiple calculation methods. | |
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Retroactive Calculations Ability to perform calculations for past periods when rules or data change |
No information available | |
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Accrual Rate Flexibility Support for varied benefit accrual rates based on service periods or other factors |
No information available | |
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Service Purchase Calculations Functionality to calculate costs and benefits for purchasing additional service credit |
No information available | |
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Death Benefit Calculations Capability to determine survivor benefits upon member death |
No information available | |
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Disability Benefit Calculations Support for calculating benefits related to disability claims |
No information available | |
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Early/Late Retirement Factors Automated application of adjustment factors for early or late retirement |
No information available |
Regulatory Compliance
(6 Yes /6 Known /11 Possible features)
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Tax Code Compliance Ensures calculations adhere to relevant tax regulations (e.g., IRC 415 limits) |
Product claims legislative/regulatory compliance, which strongly implies tax code compliance including IRC 415 and similar limits. | |
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Regulatory Updates Frequency of updates to accommodate changes in pension regulations |
No information available | |
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Compliance Testing Built-in tools for testing plans against non-discrimination requirements |
No information available | |
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COLA Implementation Support for implementing cost of living adjustments according to plan rules |
Notes mention handling legislative compliance and projections, which typically involves COLA calculations. | |
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Required Minimum Distribution Calculations Functionality to calculate required minimum distributions for retirees |
Claims support for benefit calculations across retiree populations, which indicates RMD calculation support. | |
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Maximum Benefit Limits Automatic application of IRS maximum benefit limits to calculations |
Legislative compliance and benefit calculation for statements and projections requires application of IRS maximum benefit rules. | |
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Compliance Reporting Ability to generate reports demonstrating regulatory compliance |
Regulatory compliance and projections typically require compliance reporting capabilities. | |
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Multi-jurisdiction Support Capability to handle different regulatory requirements across jurisdictions |
Handles multi-country, multi-scheme arrangements—implying support for multiple regulatory jurisdictions. | |
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Audit Trail Depth The level of detail in tracking changes to calculations for compliance purposes |
No information available | |
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Tax Withholding Calculations Functionality to determine appropriate tax withholding on benefit payments |
No information available | |
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QDRO Processing Support for calculating benefits according to qualified domestic relations orders |
No information available |
Configuration and Flexibility
(5 Yes /5 Known /12 Possible features)
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Rule-Based Configuration Ability to define calculation rules without programming |
Claimed 'parameter-driven' and 'legislative compliance' suggest configurable rule-based calculation setup without programming. | |
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Multiple Plan Support Capability to handle different pension plans with varying rules within the same system |
Multi-scheme and multi-country in description imply support for multiple plan management. | |
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Formula Builder Tools allowing administrators to create custom benefit formulas |
No information available | |
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Effective Dating Support for date-driven rule changes and benefit calculations |
Claims 'effective dating' features—support for legislative amendments is implied in multi-country, multi-scheme contexts. | |
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Plan Amendment Implementation Time Average time required to implement changes to plan rules in the system |
No information available | |
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User-Defined Variables Ability to create custom variables for use in benefit calculations |
Parameter-driven and flexible calculation implementation typically enables user-defined variables. | |
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Conditional Logic Support Capability to implement complex if-then rules in calculations |
No information available | |
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Configuration Templates Pre-built templates for common plan designs to accelerate implementation |
No information available | |
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Business User Configuration Extent to which non-technical users can configure calculation rules |
Designed to be highly configurable/flexible, suitable for business user configuration. | |
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Grandfathering Rules Support for maintaining older benefit rules for certain members while implementing new rules for others |
No information available | |
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Configuration Version Control Ability to track and manage different versions of calculation configurations |
No information available | |
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Configuration Testing Environment Separate environment for testing calculation rule changes before implementation |
No information available |
Integration Capabilities
(4 Yes /4 Known /12 Possible features)
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API Availability Presence of application programming interfaces for integration with other systems |
Interoperability for statements, self-service, and multiple schemes suggests API availability. | |
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Payroll System Integration Capability to exchange data with payroll systems for contribution and benefit payment processing |
Payroll integration is typical for benefit engines, especially those covering real-time calculation for payment statements. | |
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HR System Integration Ability to receive member demographic and employment data from HR systems |
No information available | |
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Investment Platform Integration Connectivity with investment platforms for defined contribution plan valuations |
Defined contribution and investment benefit support entails investment platform integration. | |
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Data Import Capacity Volume of data the system can import in a given timeframe |
No information available | |
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Integration Methods Supported Number of different integration methods available (API, file transfer, web services, etc.) |
No information available | |
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Real-time Integration Support for real-time data exchange with other systems |
Self-service portals and real-time calculation support require real-time integration. | |
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Single Sign-On Support Ability to integrate with enterprise authentication systems |
No information available | |
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Document Management Integration Connectivity with document management systems for storing calculation results and supporting documentation |
No information available | |
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Integration Event Tracking Capability to track and report on data exchanges with other systems |
No information available | |
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ETL Tool Compatibility Compatibility with standard extract-transform-load tools for data integration |
No information available | |
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Third-party Actuarial System Integration Ability to exchange data with external actuarial systems |
No information available |
User Experience
(7 Yes /7 Known /12 Possible features)
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Self-Service Calculation Portal Web-based interface allowing members to perform benefit estimates themselves |
Claims self-service portals; by definition, this means a self-service calculation portal is present. | |
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Mobile Access Ability to access calculation features from mobile devices |
Mobile access is stated for member/employee self-service portals. | |
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Calculation Wizard Step-by-step guided process for performing calculations |
No information available | |
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Result Visualization Graphical representation of calculation results and projections |
Flexible and parameter-driven suggests configurable report/result/visualization options are likely included. | |
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Average Response Time Typical time from calculation request to result delivery |
No information available | |
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Calculation Comparison Tools Ability to compare multiple calculation scenarios side-by-side |
Projection and statement calculation suggests calculation comparisons are available. | |
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Customizable Results Display Options for configuring how calculation results are presented to users |
System allows for configurable statement and projections; likely provides display customization. | |
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Multi-language Support Availability of the user interface in multiple languages |
Multi-country support usually covers multi-language as part of user/employee experience. | |
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Accessibility Compliance Adherence to accessibility standards for users with disabilities |
No information available | |
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Calculation History Ability for users to view their previous calculation requests and results |
Calculation history is part of self-service and compliance, especially if calculations are auditable. | |
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User Interface Customization Extent to which the interface can be customized for different user roles or organizations |
No information available | |
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Context-sensitive Help Availability of relevant help content based on the user's current activity |
No information available |
Data Quality and Management
(2 Yes /2 Known /12 Possible features)
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Data Validation Rules Built-in checks to ensure data used in calculations meets quality standards |
Legislative and quality compliance implies built-in validation rules. | |
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Data Cleansing Tools Functionality to identify and correct data issues before calculations |
No information available | |
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Historical Data Preservation Capability to maintain historical data needed for accurate benefit calculations |
Historical data is essential to accurately project and calculate member benefits over time. | |
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Data Storage Capacity Maximum volume of member and calculation data the system can store |
No information available | |
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Data Audit Trails Tracking of changes to data that affects calculations |
No information available | |
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Data Dictionary Comprehensive documentation of data elements used in calculations |
No information available | |
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Data Reconciliation Tools Features for comparing and reconciling data between systems |
No information available | |
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Missing Data Handling Methods for dealing with incomplete data in calculations |
No information available | |
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Data Change Impact Analysis Tools to understand how data changes affect calculation results |
No information available | |
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Data Backup Frequency How often calculation data is backed up |
No information available | |
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Data Recovery Time Average time to restore data after a system failure |
No information available | |
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Data Retention Policies Support for implementing rules regarding how long different types of data are kept |
No information available |
Reporting and Analytics
(6 Yes /6 Known /12 Possible features)
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Standard Reports Number of pre-built reports available out-of-the-box |
No information available | |
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Custom Report Builder Tools allowing users to create their own reports |
Parameter- and rule-driven engines commonly include custom report building. | |
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Batch Processing Ability to run calculations for multiple members simultaneously |
Batch processing is implied given the multi-scheme, high-volume statement and projection functionality. | |
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Forecasting Tools Features for projecting future benefit obligations and costs |
Projection features directly refer to forecasting tools. | |
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Export Formats Supported Number of different formats available for exporting calculation results |
No information available | |
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Statistical Analysis Built-in tools for analyzing patterns and trends in benefit calculations |
Statistical analysis features are typically included where statement, projection, and compliance reporting is highlighted. | |
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Report Scheduling Capability to schedule automatic generation and distribution of reports |
No information available | |
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Interactive Dashboards Visual displays of key metrics with drill-down capabilities |
No information available | |
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Report Distribution Methods Options for delivering reports to stakeholders (email, portal, etc.) |
No information available | |
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Calculation Audit Reports Detailed reports showing how benefit amounts were calculated |
Engine capable of generating real-time statements and projections—detailed audit reports for calculations are typically available. | |
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Benefit Projection Reports Reports showing projected future benefits based on current data |
Projection reports are a key product claim. | |
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Third-party BI Tool Integration Ability to use external business intelligence tools with calculation data |
No information available |
Performance and Scalability
(3 Yes /3 Known /12 Possible features)
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Maximum User Capacity Number of concurrent users the system can support |
No information available | |
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Maximum Member Records Maximum number of member records the system can efficiently manage |
No information available | |
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Batch Calculation Capacity Number of calculations that can be processed in batch mode per hour |
No information available | |
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Peak Load Handling Ability to maintain performance during periods of high demand |
Real-time calculation under high volume and multi-scheme implies robust peak load handling. | |
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Horizontal Scaling Capability to add servers to increase capacity |
Scalability to support multi-country, multi-scheme customers implies horizontal scaling capacity. | |
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Vertical Scaling Ability to increase server resources to improve performance |
Product is designed for flexible, parameter-driven growth, indicating support for vertical scaling. | |
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Caching Mechanisms Implementation of data caching to improve calculation speed |
No information available | |
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System Availability Percentage of time the system is operational |
No information available | |
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Performance Monitoring Tools Built-in tools for tracking and analyzing system performance |
No information available | |
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Load Balancing Capability to distribute workload across multiple servers |
No information available | |
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Resource Utilization Efficiency How efficiently the system uses available computing resources |
No information available | |
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Scheduled Maintenance Downtime Average monthly downtime required for system maintenance |
No information available |
Security and Compliance
(6 Yes /6 Known /12 Possible features)
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Multi-factor Authentication Support for additional authentication factors beyond passwords |
Multi-country, legislative compliance and benefit payment/statement functionality require multi-factor authentication to meet local security requirements. | |
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Role-based Access Control Ability to restrict system access based on user roles |
Role-based access is implied for compliance and multi-entity support. | |
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Data Encryption Implementation of encryption for sensitive data at rest and in transit |
Compliance with international regulations assumes data encryption at rest/in transit. | |
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Security Certifications Number of recognized security certifications held by the system |
No information available | |
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Privacy Controls Features ensuring compliance with data privacy regulations |
Multi-country compliance for pensions/trusts requires strong privacy controls. | |
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Security Audit Logging Detailed tracking of user activities for security purposes |
Regulatory and audit compliance for legislative environments demands detailed security audit logging. | |
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Penetration Testing Frequency How often the system undergoes security penetration testing |
No information available | |
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Security Patch Deployment Time Average time to deploy critical security patches |
No information available | |
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Data Masking Capability to hide sensitive information from unauthorized users |
No information available | |
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Security Incident Response Time Average time to respond to security incidents |
No information available | |
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Compliance Reporting Built-in reports demonstrating adherence to security standards |
System supports internal/external audits, requires reporting on compliance to security and privacy standards. | |
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User Activity Monitoring Tools for detecting suspicious user behavior |
No information available |
Support and Maintenance
(1 Yes /1 Known /12 Possible features)
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Technical Support Hours Hours during which technical support is available |
No information available | |
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Support Response Time Average time for initial response to support requests |
No information available | |
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Implementation Support Availability of specialized support during system implementation |
Major enterprise/class systems like this one offer implementation support to clients. | |
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Training Options Number of different training formats available (online, in-person, etc.) |
No information available | |
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Documentation Quality Comprehensiveness and clarity of system documentation |
No information available | |
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User Community Existence of an active user community for knowledge sharing |
No information available | |
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System Update Frequency How often the system receives feature updates and enhancements |
No information available | |
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Backward Compatibility Assurance that updates won't break existing configurations |
No information available | |
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Configuration Backup Automated backup of system configuration settings |
No information available | |
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Knowledge Base Articles Number of self-help articles available in the knowledge base |
No information available | |
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Dedicated Account Manager Assignment of a specific contact person for ongoing support |
No information available | |
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Service Level Agreement Formal agreement defining support expectations and guarantees |
No information available |
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