Electronic services

Electronic business notification

All firms need to know what business has been written and by whom, they need to know unambiguously, they need to know in real time. Paper can’t do that. Paper can go astray, paper can be part-filled, what’s written on paper can be misinterpreted. What’s more paper is inefficient because of the duplication of effort required to pass notification of business between member, network and provider.

For networks, there is a simple solution which is a real “win-win”. Bin the paper and use electronic forms instead. Electronic forms such as Quay’s Enforms can easily be pre-populated from the member firm’s back office system; they are intelligent so users have to complete only the relevant information; they ensure that the new business data captured is fully complete and valid and they can present information to the Network’s own system electronically. The result? No lost submissions; no interpretation of what’s been sold, no time lapsed between sale and notification and no time wasted.

Removing the need to re-enter data saves admin time but the real time saving comes from automated compliance. 100% file checking is still carried out by many firms but that’s often not what’s required. Routine file checking for a competent adviser need cover only a very small percentage of files. Where effort should be focused, for the mitigation of business risk let alone meeting regulatory requirements, is on identifying and checking “high risk” cases.

Automated file selection and review

Again, technology can do the hard work. Technology can automatically select from the new business book cases that are “high risk”. What constitutes “high risk” is, of course, entirely up to the business’s compliance officer. Quay’s new Client Care Desktop software enables advisers to be profiled according to their experience, their qualifications and your experience of them. Files can be automatically selected by the system for review based on business types, Product Providers, categories of advice as well as exceptionally high commissions, sums assured, client age at maturity etc.

When files have been selected, the system’s “wizard” based review process standardises the file review itself. This ensures that the results of the review are gathered in a totally consistent way, a way that the system can analyse to determine trends, to build meaningful KPIs and to identify Adviser training needs.

Automated commission reconciliation

Automated commission reconciliation adds further efficiency, particularly for firms with large volumes of trail or fund-based renewal commission. Electronic commission statements are currently available from 24 Product Providers and Quay’s technology not only does the job of delivering data in a standard format from all 24, it also does the job of matching expectation to receipt.

Electronic new business submission, automated compliance monitoring and automated commission reconciliation are not tomorrow’s dream, they are today’s reality. The technology exists and is being employed today to enable firms such as those listed to realise their ambitions.