New Selectapension tool speeds quote and illustration process
26 November 2020
Selectapension has launched a new Quote and Apply tool, which enables users to create a product quotation and obtain an illustration without the need to re-key data entered on the Selectapension site.
This significantly speeds up the application process, improves business efficiencies and does away with re-keying risks for financial advice firms and providers, the firm says.
The tool uses the Origo Integration Hub (OIH) to streamline connectivity with providers. The OIH enables centralised connectivity so that product providers, platforms and software providers on the Hub can seamlessly link to any other company using it for designated services. Currently these are: Account opening, valuations, bulk valuations, bulk transaction history, remuneration, transfer tracking (for platforms/providers) – avoiding the need for point-to-point integration and improving connectivity for the industry.
Aegon is the first provider to link to the new tool, with more providers set to join the service in due course, Selectapension said.
The new functionality allows users to click straight through to the Aegon Platform SIPP Quote and Apply journey and obtain live illustrations directly from the results screen of Selectapension, without having to re-key, as the Aegon SIPP illustration and any subsequent online application form are pre-populated.
Ronnie Taylor, chief distribution officer at Aegon said the streamlining of the process would “ultimately save advisers valuable time and effort, enabling them to click straight through from Selectapension on to the Aegon Platform to complete their selected journey”.
Alongside the client details, the system can pre-populate the following points: Ceding Scheme Information – provider name, transfer value, regular contributions; Remuneration – initial premium & fund based (percentage and/or in pounds), regular premium – initial & fund based (percentage and/or in pounds); New Investment – fund selections, new product information.
The new service is free to use for subscribers of Selectapension and will feature across the firm’s product comparison tools – pension switching, investment switching, defined benefit transfer, new pension projections and cashflow and drawdown strategy tools.
Andy McCabe, managing director at Selectapension (pictured) said the new proposition would allow the end user to streamline the advice process “in one single action.
“This makes the need for separate systems/platforms a thing of the past and any time saving makes the financial review and advice process so much more cost effective.”
Anthony Rafferty, managing director of Origo, said the development of the Selectapension tool reflected the raison d’être of the Origo Integration Hub. “It is exactly the kind of efficiency and cost savings we want to help firms across the market to achieve.”
He added: “Selectapension were one of the industry participants involved in the scoping out and development of the Origo Integration Hub and the Quote and Apply tool is a clear example of how this technology can be used to help the industry improve efficiencies, cut costs and deliver better and faster service for end clients.”
Origo is to launch Unipass Letter of Authority (ULoA) at the end of November, a service aimed at simplifying...
Professional Paraplanner’s publisher, Research in Finance (RiF), is a leading research company in the financial services sector. On occasion our readers...
While the aggregated costs and legacy trail commission regime remains far from perfect, some clarity can be gleaned, says...