Software provider Aquera is launching the latest stage of its £8m distribution and admin software for financial services companies.
The module will offer control over which users see which information on the platform. It can also produce real-time audit reports which meet compliance requirements.
The software already allows users to do aggregation and valuations, new business compliance monitoring and complaints handling.
Aquera is designing its system to be compatible with different types of businesses including product providers, networks, fund supermarkets and wraps.
Managing director Ed Holt says: “We are now uniquely placed to help a whole spectrum of business models manage their various channels from a single online platform.”
Cazalet Consulting analyst Ned Cazalet says: “The UK life industry's new business and in-force administration cost base is running at almost £12bn a year, which is way too high in today's difficult low-inflation, low-margin world. The challenge for providers is to reduce costs so that products deliver value to customers along with acceptable profitability levels.”