Transfer tracking saves one firm 60% of calls to providers
Specialist retirement firm Retirement Line says using the ‘Track My Apps’ transfer tracking service implemented by Legal & General has seen the company’s administration team cut the number of calls it has to make following up on customer applications by 60%.
Legal & General’s Track My Apps digital service went live in January and Retirement Line says it is already seeing the benefit.
Retirement Line says while it generally receives good response times from platforms to its phone calls for updates, real-time, digital responses have literally removed hours of phone calls previously required to provide updates to advisers and their customers on cases. This has improved both the firm’s own efficiencies as well as streamlining and improving the service to customers.
Mark Ormston, IT and Administration Manager at Retirement Line, says: “Thanks to transfer tracking we’ve already reduced the phone calls we make by 60%. If all platforms committed to using this service we would save around 90% of the time we spend making phone calls – imagine what that would mean for our industry, and importantly, the customer."
The Transfer Tracking service is one of the facilities provided by the Origo Integration Hub.
Origo’s Transfer Service supplies the data to the Integration Hub and the extracted tracking data is integrated straight to the platform via and API.
Jon Scannell, Distribution Director, Retirement Income at Legal and General says: “Through ‘Track My Apps’ Legal & General provides transfer tracking as part of our digital suite to enable advisers’ access to real-time information on their applications, saving all parties significant time and money. Crucially, ‘Track My Apps’ has enhanced Legal & General’s customer-centric proposition, helping to keep the adviser and their client informed of progress.”
Anthony Rafferty, Managing Director of Origo, says: “The Origo Integration Hub is the result of considerable consultation and collaboration with the industry. Its aim is core to Origo’s ethos of delivering the technology needed to improve the efficiency and effectiveness of the industry’s systems and processes, thereby reducing industry costs and improving the overall outcome for consumers.
“The Origo Integration Hub enables platforms, software and back-office firms to integrate once with the Hub and then connect with any other firm using the service. This does away with the need for individual companies to undertake costly and time-consuming point-to-point IT builds every time they want to integrate with another organisation.
“The Hub is increasing traction in the market with 15 providers, platforms and practice management systems now signed and many more in the pipeline. Once a company is on the Hub, linking to partnering systems is simple and easy. Legal and General were able to implement Transfer Tracking in just a matter of six steps.”
Integrations currently available via the Origo Integration Hub:
- Bulk Valuations
- Transfer Tracking (for Platforms/Providers)
- Account Opening
Integrations due to go live before end 2019 via the Origo Integration Hub:
- Transfer Tracking (for Advisers)
- Bulk Transaction History
Firms currently signed to the Origo Integration Hub:
- Barnet Waddingham
- Cash Calc
- Creative Technologies
- Met Life
- Money Labs
- Profile Pensions
- Standard Life