PTFS’ technology will allow members to complete the whole client process from enquiry and factfind to maintaining client records and submitting business online direct to providers.
Mike Allison, managing director at PTFS, said: “One of our core drivers is to support our members in growing their businesses. One of the many ways in which we can do this is to help them be more efficient.
“On average, our top firms have grown 50 per cent year-on-year from 2005 to 2006 and increasing usage of technology supports this. Our management information shows that since January we have seen an increase month-on-month of the amount of business written online, with 84 per cent during the month of October.”
The network explained it evolved the technology because it believed submitting business online would give advisers numerous benefits, including higher commissions, instant acceptance, quicker payments and interactive underwriting.
Lisa Rogers, head of protection products at PTFS, said: “We have integrated with the Exchange and Webline to pre-populate data from Toolbox into the quotation stage and then through to provider systems so that business can be transacted online without re-keying or switching systems.”
Commenting on electronic transmissions, Andy Pratt, chief operations officer at Alexander Hall, said he believed most brokers had already embraced technology and it was lenders who would dictate when all applications are completed online.
He said: “I believe that by 2008, most lenders will conduct their business via online transmissions, improving both accuracy and efficiency within the industry.”
