How to cut down on administration

Avelo’s strategy & business development director, Paul Yates, believes technology is the key to better client relationships...

We are running, headlong towards a new and very different marketplace for the delivery of financial advice. In this evolutionary rush, there will be people and businesses left behind and those who adapt, survive and thrive.

The change in our market reflects changes in society. We can all see the powerful forces that have shaped transformation in the way the general insurance and travel markets have developed over the last five years.

I believe four things are clear:

●    Standing still is not an option – you will fall behind.
●    RDR will accelerate the market changes.
●    For those who adapt, there will be more opportunity.
●    Appropriate use of technology is vital.

Technology is an enabler, letting you change models, remove costs, open up new channels and enhance service. The key for our industry is to ensure we can move from dislocated processes and systems to a connected world. A world where data is not re-keyed, where it is simple to flow from lead, information gathering, research and sales, right through to ongoing administration – irrespective of channel.

Today we live in a world where people may have to re-enter or write the same piece of information many times during a sales process.

The market is ripe for seamless technology which drives true straight through processing, enabling the sales process to work in a way that has failed to materialise to date but will have a huge and positive effect on the market place.

Creating time for advice

Technology, used correctly, can help drive down administrative effort – creating the opportunity to spend more time with clients. Generating more time to spend with clients will be critical as we all move to fees and enhance our advice propositions.

We believe that up to a third of your time can be saved by removing the effort from writing business, chasing providers, re-keying data and obtaining policy information and documents. The need to take every opportunity to keep your fees low will never be stronger.

More than this though, as your client propositions change and as your clients want more help to understand their current position and how you can help them achieve their goals, technology is increasingly important to deliver education, what-ifs, recommendations and reports. These tools need to be glued together, ensuring accurate and efficient delivery of advice.

As social trends continue to evolve, it is clear consumers are increasingly expecting to be able to have immediate access to information, research on you and your service – help and education, as well as undertake transactions – both new business servicing.

The customer journey will become increasingly complex. You may find clients move between the web, phone and face-to-face channels seamlessly. They will expect you to be able to:

● Have the web information available and ready to update if they come to you for advice.
● Respond immediately.
● Transact immediately.