Recent events have been a huge catalyst for technology adoption across the advice market.
Platforms and life insurers are now embracing changes to processes that had long been resisted, such as the adoption of electronic signatures.
This in turn has made many other advances possible.
A great example is Origo’s Unipass Letter of Authority service, which went live on November 23.
This service enables advisers to use a fully electronic process to obtain letters of authority, submit them and receive detailed contract information back digitally.
That said, not all insurers will accept the electronic letters of authority from day one, so there is a paper-based process that can be used.
The Unipass service will certainly speed up the process of obtaining letters of authority and transmitting them to insurers and platforms.
For the industry to be able to take full advantage, providers receiving letters need to devote adequate resources to processing them in good time.
This has enormous potential to reduce delays that cause frustrations for consumers and advisers.
Ian McKenna is the founder of FTRC