AIA Australia has released 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 portal lets financial advisers update their clients’ contact information and bank and credit card details directly to their policies, with confirmation updates automatically sent to clients, the firm said in a statement.
AIA Australia chief retail insurance officer, Pina Sciarrone, said financial advisers are focused on reducing their costs and increasing efficiencies, such as by removing duplication and data entry errors.
“Advisers are concerned they are continuing to spend too much time in manual handling and inefficient processes for insurance administration,” Ms Sciarrone said.
“Web-based self-service technology will be increasingly used to streamline the administration process for financial planning and avoid costly errors and delays.”
Ms Sciarrone added that duplication during data entry, such as through keying client information, is a basic roadblock to efficiency for advisers and their staff, and that AIA’s self-service initiative helps them both 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,” she said.
“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.”
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