Marlborough Stirling has signed a deal to deliver the administration system behind Royal Liver's innovative new IFA division when it launches later this year.
Although few details are being given away at this stage, it is believed the Royal Liver operation is attempting to develop an "innovative" new system, targeted solely at financial advisers.
Under the contract, Marlborough Stirling will use its existing Exweb portal to deliver Royal Liver’s electronic quotation and transactions system and hook it up to an extension of Marlborough’s straight-processing regime, known as Lamda, to deliver automated online underwriting, acceptance of the majority of new business cases without needing ‘human’ clearance, as well as internet-based claims management services and policy administration.
This is a huge development, as only a handful of UK life offices completes some of its protection business over the internet and without needing some form of human intervention on a regular basis.
Any work completed for Royal Liver will then be transferred to the Exweb platform at a later date to extend its electronic trading capabilities, says Chris Ryland, group development director at Marlborough Stirling.IFAonline
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation