brightgrey, to launch next year, signs up with technology company spektra to facilitate communication between itself and intermediaries
BrightGrey, an online protection company from the Royal London group, will begin a rolling launch of its product range in early 2003.
The company is aiming to provide a customer-focused service, offering product flexibility and jargon-free information.
As part of the service, the group has signed up with Spektra, a provider of technology solutions for the financial services sector, to facilitate communication between itself and intermediaries.
Spektra has developed a software program, called Open Transaction Server (OTS), which supports Origo messaging standards such as quotes, new business, contract enquiries and commission. Origo is a life industry-funded business which has created a set of standards aimed at allowing advisers to communicate more easily with product providers when dealing with pre and post sale information such as valuations, quotes and commission arrangements.
The first implementation of Spektra OTS will go live in early 2003, providing the technology behind BrightGrey.
The standards developed by Origo have been interpreted and implemented in different ways by both intermediary companies and providers, hindering their usefulness among both groups, Euan Robertson, director for strategy and growth at Spektra, said. This software takes Origo standards and applies them in a uniform way, enabling both advisers and providers to conduct business more easily electronically.
Responsibility for new versions of the standards means that rather than the adviser having to make adjustments to its back office systems, the responsibility would lie with Spekra to introduce an updated version of its software program, Robertson said. He added: 'The software is designed to speed up the deployment of technology solutions, enabling users to cut development and maintenance costs by up to 85%.'
In order to demonstrate the usefulness of the service, Spekra is launching what it terms a community edition of the software. Robertson said: 'This is being made widely available to demonstrate how much time and cost savings can be made for organisations that need to develop Origo compliant solutions with reduced budgets.'
The community version is fully functional but a limited version of the software package. Funded by Spekra, the community edition is being distributed to key providers and major intermediary groups. Any companies wishing to take part can obtain copies of it by contacting the group at [email protected] or via a download on the company's website, www.spektra.co.uk.
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