New business tracking (NBT) provides a mechanism for product providers to send status information to advisers about their new business, in the “pipeline”.
New Origo message standards allow these providers to send a “bulk” message to Webline containing data for many adviser firms. Webline will deliver an aggregated view to the adviser of all their new business activity. Each adviser firm must have registered for the service with the appropriate Provider in order to gain these benefits.
Webline is in an ideal position to:
-Link to the Providers in order to receive these bulks downloads, using the IT infrastructure that already exists for the quote and apply processes
- Aggregate the date from multiple Providers into a simple set of screens for advisers to navigate
- Allow the user to select either high-level views (e.g., see all new business) or drill-down views (e.g., Mr Smith’s application) of their data (although this is dependant to some extent on the amount of detail given by the Providers).
- Automatically send the aggregated data to a firm’s back office if they choose (using the exiting data linking mechanisms that Webline already has to the main back office suppliers).
John Willis, managing director of Webline, explains:
“ With no legacy technology to impede new development, we are again delighted to set the example and lead the industry with another ‘first’. We already know that many of the leading providers have had huge success with their own extranet-based new business tracking services and it is was an obvious next step for an independent service provider to look at aggregating these for the benefit of advisers. “
The service is due to go live with the first four providers in Q1 2006. Initially the Providers will use selected adviser accounts to ensure the new service runs smoothly, but this should soon open up to many more firms.
Jon Cross, Prudential’s head of e-business, comments: "Prudential are working with Webline on the design of their New Business Tracking service and initial signs show that the system will be a great success. The ORIGO new business tracking standard deployed through Webline has the potential to save advisers huge amounts of time and money, and will provide a real alternative which will help firms improve the efficiency of their business."
Steve Young, ecommerce manager, Friends Provident, comments: "We are happy to be working on the development of a new business tracking service that will be available through the Webline portal. This will enable IFAs to not only submit business via the portal but also to track the progress of an application throughout the underwriting process"
Providers see this as a way of delivering more timely data to advisers, while reducing the cost of handling enquiries in call centres. Webline sees it as a natural progression to the ‘quote and apply’ functions it already supports with the major life offices.
