Adviser e-commerce activity has increased by 100% since April 2005, according to a survey by 1st.
Since 1st launched its Adviser E-Enquiry project in April 2005 in conjunction with Prudential, Friends Provident, Scottish Widows, Standard Life, Webline and IBM, providers have reported increases in adviser e-commerce activity of over 100%.
Previous feedback had shown the majority of advisers saw e-commerce as “difficult and timely” and had not going through the set-up procedures needed to make technology part of their everyday business process.
But following one-to-one support, 1st claims advisers reported average time and cost savings of over 40%.
Moreover, 1st set a target to ensure at least 100 Adviser Office user firms were ‘e-enabled’ by the time of its conference – 28 June – and the results show over 600 firms have achieved this.
Rory Curran, executive chairman of 1st, states: “Rather than telling advisers to go online and download a PDF of a training manual or look at the extranet and watch a tutorial online, it was face to face, hands-on help that really made the difference.”
Sarah Mann, project manager of Berkeley Burke Group, says: “Through using the Adviser Office valuation links we have reduced policy valuation times from an average 10 minutes to less than one minute. Due to the savings that we envisage, we will be investing more resources into developing e-commerce opportunities this year.”
The next stage of 1st’s project will be the move from E-Enquiry to ‘E-Implementation’.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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