The Exchanges says the launches, for Millfield, National Australia Bank and one other undisclosed client, demonstrate the critical role it is playing in the depolarised market, by enabling distributors to ‘outsource’ the e-trading aspect of their multi-tie propositions and gain the benefits of using a trusted platform. In addition to these operations, The Exchange is also working with a large number of other organisations to develop their multi-tie and panel capabilities. These distributor offerings will be coming to market via The Exchange over the course of the next few months.
The Exchange’s multi-tie solution builds on, and complements, its IFA portal, Exweb. Using the Exweb quotation and electronic new business submission services, which are already established as part of the business process of a significant proportion of IFAs, The Exchange says its multi-tie solution gives distributors a flexible and proven technology platform upon which to launch their multi-tie operations.
In addition to straight through processing for new business acquisition, The Exchange e-commerce multi-tie platform incorporates the infrastructure to support contract enquiry and aggregated valuations for client servicing, and is also designed to offer application tracking for the future.
The Exchange has worked closely with each distributor and their strategic insurer partners to bring their services to market and says it is leading the market in developing the infrastructure to support the new industry quote and new business standards for depolarisation.
David Child, managing director at The Exchange, says: “The Exchange is delighted to be working with these key distribution partners in support of their innovative business models. E-commerce is at the centre of business propositions in the depolarised world and our multi-tie portal has been developed specifically to support the end to end processes required to enable trading partners to achieve the desired service benefits.”
Paul Tebbutt, chief executive officer at Millfield, comments: “The Exchange has provided us with a market leading electronic trading platform to support both our IFA and multi-tie operations. The Exchange’s services are the most comprehensive both in terms of market coverage and functionality, which will enable our advisers to provide first class service to their customers.”
