The internet has been called been many things since its inception but a "godsend" isn't the first th...
The internet has been called been many things since its inception but a "godsend" isn't the first thing that comes to mind - unless, of course, you work for Royal & SunAlliance.
Were it not for the internet, says Andy Milburn, R&SA's pensions and e-commerce promotions manager, the insurance group and many others like it would be struggling to cope with the 1% charging world that is stakeholder.
The product provider recently launched www.royalsun.co.uk/corporate, which means both R&SA and IFAs can dispense of reams of paperwork. The elimination of rounds of correspondence by selecting products online means a reduction in paper based costs not to mention time and effort.
Milburn said: "The site came about because of stakeholder and its maximum charge of 1%. The internet been a godsend for us to help us get our house in order. Without it the majority of providers would struggle to cope with the 1% charge. If you consider that the charge on a £20 single premium product is 20p, you can't even afford to send a stamp with it."
However, the internet is not without its problems as Milburn explained.
"If we improve our system we not only have to retrain our staff but now a huge number of people."
The new service will not only enable IFAs to select products online but also monitor the progress of pension solutions they design and where administration is being handled by the provider.
Unlike conventional pension products, IFAs and customers can mould the product to suit their needs, and can follow each stage of the administration with step-by-step advice.
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