Four major providers have launched a new consortium focused on transforming and scaling their Letter of Authority processes through integrations with fintech Origo.
Origo has established the consortium together with Scottish Widows, Aviva, Royal London and L&G to collaborate and share their learnings of the different ways to integrate digital LoA processes.
Each of the four providers handle significant volumes of LoAs across multiple products and teams, collectively amounting to around 500,000 LoAs processed each year. Until recently, this would have been spread across multiple servicing teams with no way for advisers to track progress.
However, through integration with Origo’s Unipass Letter of Authority, providers are able to introduce same day replies for advisers and automated client vetting, eliminating missing LoA information or misdirected requests.
Origo said its Unipass LoA service eliminates the need for advisers to learn provider-specific processes and by creating a single entry point for sending all LoA requests, they do not need to use multiple inboxes and processes.
In addition, advisers benefit from online real-time tracking of LoA progress, with notifications at each stage of the process.
Anthony Rafferty, chief executive officer at Origo, said: “The consortium shows what real collaboration looks like in practice as organisations integrate transformative LoA processes into their own systems, moving beyond simply digitising their existing approach to fundamentally improving the experience.
“I would like to thank our consortium partners for their leadership and support in driving this change.”
Ed Parker, head of adviser lab at Scottish Widows, said: “It’s great to see providers in this consortium and beyond investing in long overdue improvement to LoA servicing, with noticeable enhancement to digital experience, data accuracy and turnaround times.
“At Scottish Widows our ambition is clear, to move all of our LoA servicing through Unipass Letter of Authority, with automation built behind this single channel to offer advisers LoA responses in 15 minutes, not 15 days. We believe this is how LoAs should be done, no more waiting and chasing for advisers, faster pace and better outcomes for clients.”
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