Zurich partners with AdviserLogic to deliver adviser efficiency boost
Effective immediately, advisers running the AdviserLogic system will be able to easily and efficiently access in-force policy and client information that is updated daily.
According to Mr Philip Kewin, Zurich's General Manager Retail, Life & Investments, the partnership with AdviserLogic comes at a time of renewed focus on adviser efficiency.
"Our own research showed advisers thought the need to drive efficiency would be the single biggest outcome from the FOFA reforms, and notwithstanding the recent amendments, we believe efficiency remains one of the biggest challenge facing advisers," he said.
The Zurich and AdviserLogic interface remains one of the few data feed facilities with daily updates, and with the industry dialogue likely to now focus on the recently released Financial System Inquiry Report, Mr Kewin believes that extra transparency data feeds allow will also be welcomed.
"Australian consumers are still seeking more accessible advice and more transparent information about the financial products and services they use.
"In addition to the immediate efficiency gains afforded by daily updated data feeds, this service lays the groundwork on which advisers can build a stronger client engagement and communication platform, including online and digital based solutions," said Mr Kewin.
AdviserLogic Head of Product Development, Mr Daniel Gara, agrees that digitalisation has driven a more information hungry, technology savvy consumer, and this has important ramifications for advisers.
"Consumers are demanding more information, and they want it delivered faster and through their channels of choice; access to data which is accurate, comprehensive and up to date is an essential building block for advisers wanting to meet the needs of their clients," Mr Gara said.
Overview of data feed process
Each Financial Planning System contains full details of each client and their associated risk and investment policies (from all insurance providers) and this information is then used to manage client information and communications, policy information and to varying degrees, to manage business workflows, such as new business processes.
Currently, advisers who don’t use data feeds must manually enter new and updated client and associated policy data into their financial planning system at regular intervals. This is an ongoing and time consuming task for most financial planners and involves contacting their insurers frequently to ensure their client and policy data is always up to date.
Data feeds provide advisers with a number of efficiencies with the management of in force and submitted Zurich policies. There is no need for double entry for example, and advisers can access the most up-to-date client information as they need it.
Mr Kewin said, "Zurich is committed to ensuring advisers have the support they need to become more efficient and more digitally enabled we are extremely proud to be able to provide them with an industry-first interface that provides automatic access to the updated client and policy information that they need."