Less manual work for advisers

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Increased efficiency is the name of the game in advice at the moment. Advisers are looking for better back office support so they can spend more time with their clients; and product providers are matching their demands with new automated services.

Automated data feeds are saving advisers the time of manually entering updated client and policy data, and giving them more time to focus on communicating with their clients.

Marc Fabris, national manager for sales strategies and research at Zurich said data feeds had also been in hot demand by dealer groups who were trying to improve the efficiency of their advisers. Manual data entry is taking a lot of staff effort, with larger firms having to constantly update their client and policy data, he said. “If you’ve got a big client database, you’ll have – almost every day – something happening with one of your clients.”

He said the automatic updating of information will also help to combat Australia’s underinsurance problem by keeping insurance data updated and accurate, as well as alerting planners when a client’s policy may have lapsed.

“One of the worst things could be if they haven’t realised the policy’s lapsed – if a premium’s not been paid. This way they’ll know if there’s a status change on a policy…and they’ll know that they’ve got two lapses today that they need to do something about, and they can go and get these policies reinstated.” He said it is a very secure process, so there’s not a lot of client data floating around on the internet that might get lost.

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