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Automated valuations could cut life office phone calls by 40%

Delivering automated valuations could lead to life and pension providers cutting the volume of inbound phone calls by an average of 40 per cent by the end of 2005, according to research.

The research, carried out by the Financial Technology Research Centre on behalf of Advisor Forum, shows that delivering information on the value of existing contracts electronically to advisers&#39 client management systems would reduce the call volume.

The research examines the percentage of calls to leading insurers&#39 call centres for information on the value of policies.

The percentage of calls requesting valuation details received by different insurers varied between 25 per cent and 59 per cent. Information for more than 90 per cent of valuation enquiries could be delivered by electronic messaging by the end of 2005, with many insurers having this capacity by the end of this year.

In the past 18 months, insurers working with Origo have developed technology to send messages in real time to advisors&#39 systems with an increasing number of software providers now delivering this capability to their clients.

Advisor Forum chairman Ian McKenna says: “These developments are good news for both advisers and providers. Messaging can considerably reduce the time advisers have to spend obtaining information over the phone. For insurers, it means they can apply resources to more technical issues.”


NU raises term but mortgage cover falls

Norwich Union is repricing its term and mortgage life insurance rates from next week. Stand-alone term with no options will rise by an average 0.3 per cent and mortgage life insurance with no options drops by an average of 0.7 per cent. Premiums will rise by 4.5 per cent for a non-smoking 35-year-old male on […]

IFAs back Selestia move to find with-profits truth

Fund supermarket Selestia is launching a campaign backed by several prominent IFAs aimed at forcing product providers to be more transparent when promoting their with-profits funds. Firms including Syndaxi Financial Planning and PI Financial are throwing their weight behind Selestia&#39s Tell Us The Truth campaign, which wants providers to reveal how they calculate their policies&#39 […]

57% of investors put their money into Isas

Fifty-seven per cent of investors took out an Isa in the last tax year, the highest number since the tax wrapper&#39s introduction in 1999, compared with 52 per cent in 2002, according to the IMA. The most common Isa investment remains the mini Isa. Although the cash component is still favoured by respondents, the stocks […]

Industry asked to contribute to package

The financial services industry is being asked to contribute to an assistance package for the estimated 60,000 workers in collapsed occupational pension schemes who have lost benefits. Industry experts have predicted that compensating the workers will cost far more than the £400m that the Government has agreed to pay. Work and Pensions Secretary Andrew Smith […]

Benefits of using a probate bare trust

Have you ever wondered what happens to someone’s investment bond on their death if it is not written in trust? When someone dies it is essential to deal with their estate, which can be made up of their home, belongings, investment bonds and anything else they may have owned. But, it is not as simple […]


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