Increasing efficiency and
cutting-down on paperwork underlies two new online solutions
focused on the needs of financial advisers launched by Aviva in the
UK in March.
The solutions form part of
the insurer’s Aviva for Advisers online electronic commerce
platform launched in June 2009 and now providing 40,000 advisers
with product, tax and technical support information.
Go deeper with GlobalData
The first of the new features
added to Aviva for Advisers enables advisers to monitor and switch
funds online on more than 1.6m investment bonds, individual,
stakeholder and group personal pensions.
The second new feature,
E-Documents, provides advisers with access to electronic versions
of client correspondence.
“Introducing fund switch and
E-Documents demonstrates our commitment to making it easier for
advisers to manage their customers in the run-up to RDR [soon to be
introduced retail distribution regulation] and beyond,” said Aviva
e-commerce head Billy Burnside.
“These changes mean advisers
can spend less time on administration and more time advising
clients.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCommenting on the fund switch
solution, he said: “The facility enables advisers to request a
switch between 6am and midnight seven days a week and provides a
clear compliance audit trail. Paperwork is much reduced and the
research tool makes it simple to compare available funds. This can
only help advisers build a more efficient business.”
Other features of the fund
switch solution include:
- No need for customers’
signatures – online service captures customers’ information and
removes the need for customers’ signatures each time a switch is
requested; - Policy fund research tool
shows advisers which funds are available to switch; - Online compliance record for
each request is available for each fund switch; and - Client confirmation letter
issued to the client for every fund switch.
On the E-Documents solution,
Burnside noted that each year financial advisers requestms of
copies of client correspondence for their compliance files.
Initially E-Documents give advisers access to copy policy documents
and benefit statements across Aviva’s range of group and individual
pension contracts with more products and document types to be added
during 2011. The objective is to take the total number of existing
customers’ documentation available online to more than three
million.
Aviva’s two new online
solutions complement other features added to Aviva for Advisers in
2010.
These features include
Pensions Apply which allows personal and stakeholder pensions
business to be submitted online, including multiple
transfers.
In addition, more than
600,000 annuity and more than one million existing policies were
added to the platform last year, taking the total number of
policies to which advisers have online access to some six
million.
According to August 2010 data from the Association of
British Insurers, Aviva has a 10.5% share of the UK life and
pensions market.
