AIA Australia today announced it has launched a web-based self-service portal to enable financial advisers to take greater control of managing client account details in the insurance administration process.
The new self-service portal allows financial advisers to update their clients’ contact information and bank and credit card details directly to their policies, with confirmation updates automatically sent to clients.
Pina Sciarrone, AIA Australia’s Chief Retail Insurance Officer, said financial advisers were focused on reducing their costs, efficiencies such as removing duplication and quality, which includes removing data entry errors from their administration processes to maintain profitability.
“Web-based self-service technology will be increasingly used to streamline the administration process for financial planning and avoid costly errors and delays,” said Ms Sciarrone.
“Advisers are concerned they are continuing to spend too much time in manual handling and inefficient processes for insurance administration.”
A 2014 CoreData practice efficiency survey found that almost a third of an Australian financial planner’s time is spent on compliance and administration, compared to a global average of less than 20%.
A recent Perpetual time management study identified that advisers spend more than 10 hours a week on compliance and administration and only nine hours with clients face-to-face.
Ms Sciarrone said the duplication of data entry, such as keying client information, was a basic roadblock to efficiency for advisers and their staff and AIA Australia’s self-service initiative helps practice staff to save time and reduce errors.
“When a financial adviser or practice staff member is able to change and update client information direct to the policy system of an insurer they feel in greater control of the administration process by removing duplication and errors.
“Practice principals want to make life easier for their practice administration staff and web-based self-service is one of the most efficient ways of enabling staff to take control over the administration process and streamline workflow.”
