Friends Provident today announces it has rolled out a business tracking system for advisers across its entire product range.
The system, which meets Origo’s new business tracking standards, is available for new business applications through selected back office systems on savings, investment, pension and protection products, as well as annuities.
Friends Provident says the automated service will help streamline business processes and cut time and costs by enabling advisers to keep track of pipeline business electronically, rather than manually checking for updates via the telephone or from the provider’s extranet.
The firm says IFA firms Positive Solutions and Tenet Group are already using the system and confirms it is in discussions with a number of others.
It also says it expects six more providers to roll out similar Origo compliant business tracking facilities across their product ranges within the next six to nine months.
Origo’s new business tracking standard consists of four components, including identification, application status, commission and new business data.
Client information is updated daily on advisers’ systems allowing them to stay informed every step of the way, right from the initial application to the policy going live. However, advisers can choose how regularly they want to receive updates.
Dave Mace, head of e-business at Friends Provident, says: “The key to a successful use of e-commerce is ensuring that the right data is in the right place at the right time.
“Implementing the full range of new business tracking across all products is a milestone for advisers; it keeps them informed and saves valuable time and money.
“The inclusion of all products will definitely help improve commission reconciliation and contract enquiry business processes.
“I believe the potential for the new business tracking service is huge and given time, we hope to roll it out to a number of other forward thinking business partners in the near future.”
Paul Pettitt, managing director of Origo, adds: “Advisers can gain substantial benefits from a comprehensive new business tracking service, helping to increase adviser efficiency across the industry.
“The messaging standards are in place and whilst a number of providers are offering online tracking services, Friends Provident is the first to offer full functionality for all its products.
“Moving forward I hope to see more providers follow this lead and equally for more back office systems to offer capability in receiving this information from providers.”
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