A £50 million investment from Allied Dunbar will mean advisors are able to underwrite customers for ...
A £50 million investment from Allied Dunbar will mean advisors are able to underwrite customers for protection policies at the point of sale.
The new electronic trading system - administered through the laptops of advisors - has in-built quality controls designed to allay consumer concern about the integrity of the advice they receive.
Allied Dunbar chief executive Keith Baldwin says although "we believe such concern is largely misplaced, we have listened to consumers and are doing something about it".
"We believe face-to-face advice is the way forward for the sale of more complex life assurance, investments and pensions."
An in-house team of advisors and systems designers has worked for three and a half years to design and develop the software.
One of the primary benefits for customers is that their personal information is entered only once and intelligent software draws conclusions from the inputted data to assist the adviser in ensuring all the customer's needs have been correctly identified.
"In this way, an adviser cannot overlook an area of need or offer an incorrect product. The information is quality controlled for completeness and compliance before it leaves the laptop, giving certainty to both customer and adviser."
Applications are captured electronically, enabling underwriting to take place at point of sale, and are then loaded directly into the policy administration systems ensuring that customers receive the cover they require significantly faster.
It is expected the new system will improve adviser productivity, by reducing the high volume of paperwork as well as reducing error rates.
"All this should go some way towards compensating for the reduction in fee and commission levels."
The system will be rolled out across the full franchise network in a phased programme starting later this summer.
Three years at Wells Fargo
Effective from 9 December 2019
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