Focus is currently working in partnership with a leading insurance provider to develop an automated SIPPs extranet solution, which includes income drawdown and annuity products. The new solution will integrate into existing core administration systems creating a powerful straight through processing model without the associated manual intervention. A win / win situation for all parties involved.
SIPPs are becoming increasingly popular and more providers are looking to use technology to create sophisticated processing solutions that can easily administer these sales through a quick, efficient intermediary extranet proposition. Some organisations have doubled the amount of sales in this area since last year and technology has been fundamental to their success!
Providers that have strong administration systems, engaging sales aids and good customer service around these more flexible product offerings will be able to take advantage of this growing market and therefore increase market share, funds under management and also persistency of existing customers.
Focusâ out of the box SIPP solution contains the following functionality;
â¢ Extranet framework including security and authentication
â¢ Case management
â¢ Advice based tools and sales aids
â¢ Quote & apply functionality
â¢ Pipeline tracking
â¢ Servicing capabilities
â¦all of which can be integrated into the existing infrastructure to protect existing investment.
Richard Stevenson, Chief Executive, Focus Solutions, commented:-
âWe have been providing solutions to the life and pensions markets for the past ten years and our past experience has given Focus great insight into the pensionsâ process. Recently, we have seen an increased demand for an automated solution for the sale of SIPP products and have adapted our intermediary extranet proposition in response to market demand. According to research, SIPPS could make up nearly a third of all pensions under management in just a few years, so we expect increased demand.â