Despite this, the research revealed that IFAs are still not utilising technology to the full, with 92% of those submitting business electronically collecting data on traditional paper application forms and re-entering it at a later stage into office-based computers. Only 8% of IFAs were utilising technology for efficiency and time-saving gains by entering data directly into a PC while with the client.
The Exchange believes there are a number of reasons for these findings:
- The client declaration means there is still an element of paper work involved in the electronic application process
- IFAs do not want to use technology in their client’s homes
- IFAs are concerned about not having a paper record of the data their clients supply
- Time with clients is already limited so using an administrator to complete applications has become commonplace, particularly as clients often require more than one application
The survey underlines The Exchange’s commitment to work with IFAs to understand how its service can be developed to help them benefit from e-commerce. The results are used to inform refinements and improvements to The Exchange portal. New developments based on IFA feedback include:
- The ability to automatically transfer client data already entered into back office systems and Exweb’s quote service into electronic application forms
- Greater flexibility in how electronic application forms can be used off-line, saved and shared with administrators
- A new administrator license that enables a single administrator or para-planner to log-in to a number of adviser Exweb accounts and support them in completing electronic application forms
David Child, managing director, comments:
“This research is encouraging in that it demonstrates a willingness among IFAs to use IT systems more effectively but shows that they are not yet fully comfortable with using a full electronic sales process. We are working closely with these IFAs and providers to ensure that our service fits the way they want to work and delivers practical benefits to their business, such as enhanced commission where available, faster payments and error reduction on application forms.”
