Eight out of ten advisers believe online valuations of clients' policies have been the most important business e-development, according to a poll conducted by 1st Software.
A study of over 400 independent financial advisers and mortgage intermediaries revealed technology has already cut the amount of time intermediaries spend on paperwork, however, 81% of those questioned say online valuations are the most important development to help their business.
Details of the 1st Software poll reveal over half of all advisers questioned (56%) not only use online quotations and product literature, but also use online valuations and e-submission services to smooth the business process.
That said, despite the obvious advantages of e-business usage, more than one in four firms (26%) still spent more than 10 hours a week chasing client valuations in the traditional manual way while half of all advisers (49%) spend anything between one and five hours a week chasing valuations.
Aside from online valuations, few other e-developments were recognised as essential to an IFA business, according to the survey, as neither online commission nor online product literature were cited by advisers as a recognised priority development which would help their firms.
Just 10% of advisers said digital certificates were most helpful to their business, compared with the 81% vote for online valuations.
Findings of the study were compiled through three separate polls over two months.IFAonline
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