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BT will ring changes with insurance hub

British Telecom is planning to launch an insurance hub it believes will overhaul the entire telecommunications and technology infrastructure of the UK financial services industry.

A proposal document for BT Insurance Hub, seen by Money Marketing, suggests the creation of a single access point for intermediaries and providers to transact business using a high-speed secure platform.

BT presented its plans to industry representatives, including insurance firms and technology providers, at a meeting on Monday in London.

The telecoms giant later wined and dined delegates in the revolving restaurant at the top of the London Telecom Tower, formerly BT Tower.

Under BT’s plans, a core group of five providers would acquire stakes in the hub.

The documents reveal BT hopes to drive down industry costs by improving communications, increasing e-commerce, ensuring secure email and reducing fragmentation of current systems being used.

First-stage plans discuss integration with networks, reinsurers, compliance technology, admin support and IT hosting.

It would aim to facilitate better third-party links between IFAs and their portals, software providers, compliance companies, providers and wraps.

BT believes it would create new benefits to advisers such as cheaper phone calls, with BT aiming for a saving of £200 a year per RI, free intra-network calls, cheaper communications between IFAs and providers and training to ensure better adoption of e-processing.

It says it would also bring further savings to advisers through bulk purchasing of hardware and software licence fees, the potential to white-label an existing wrap provider and the opportunity for lead generation and recruitment through its communication technology.

BT was unavailable for comment.

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