Twelve firms of advisers are currently using the service in a live environment - as part of a gradual roll-out. The full launch, which will make it available to all participating Exweb users, will begin in the next couple of months.
Two provider companies are currently live on the service - Legal & General is live with its protection product range and Prudential is live with its protection, investments, pensions and annuities product range. Other providers actively working with The Exchange are also due to join the service shortly.
Exweb’s new business tracking service allows users to track the status of new business applications which have been submitted to product providers, irrespective of the method of submission, e.g. via portals, provider extranets, or paper.
David Child, managing director of The Exchange, commented: “We are delighted to create yet another ‘first’ for the industry with the launch of this pivotal new online service. In testing, we have had some terrific feedback from firms who are now using the new business tracking on a daily basis. We hope and expect a similarly enthusiastic response when the service is rolled-out to the full user base, particularly as it is being provided for no extra cost, within the existing license fee.”
Features of the Exweb new business tracking service include:
• data aggregated from all participating providers
• data automatically loaded into Exweb overnight and made available to user accounts
• all applications submitted to providers tracked, irrespective of submission method - i.e. via other portals, via provider extranets, via Exweb or via paper
• ‘alerts’ functionality alerts the user to new tracking information received
• service built using the latest Origo messaging standards
• service provided within existing user license and no additional charge is being made
User Benefits:
• ability to go to a single source for tracking information – saves time logging in and out of multiple provider websites
• information from providers automatically updated overnight – no need to request updates for individual clients or applications
• avoids the time typically spent on the telephone with providers’ call centre operations
• ability to view tracking details for all new business applications submitted by the firm as a whole, with flexibility to manage applications at an adviser level where desired
Martin Walker, new business operations manager at Wesleyan Financial Services, commented: “Like many adviser firms we have, in the past, spent a lot of time collating status reports on our new business proposals. As well as the time taken making phone calls we also lost time having to go through detailed security and password procedures, before getting any information back. The new Exweb service, even with only two providers live at the moment, has made a big difference already. It’s very simple to use and is making a real difference to our productivity and ultimately client service levels.”
The new business tracking service will also be extended to The Exchange’s Officeweb client administration system over the summer months.
