Four major providers have come together to launch a new consortium focused on transforming and scaling their letter of authority (LoA) processes through deep integrations with fintech Origo.
Origo has established the consortium together with Scottish Widows, Aviva, Royal London and L&G to collaborate and share their learnings of the different ways to integrate digital LoA processes, so that change can gain momentum across the UK market and LoA pain points can be eradicated.
Each of the four providers handle significant volumes of LoAs across multiple products and teams. In some cases, this amounts to thousands of LoA requests each week and, collectively, approximately 500,000 LoAs processed each year which, up until recently, would have been spread across multiple servicing teams with no way for advisers to track progress without chasing providers.
Practical action from the consortium
Progress is already well underway with the four providers taking a range of practical steps and actions to significantly improve the LoA experience for advisers and clients through deep integrations with Origo’s Unipass Letter of Authority service:
- Introducing same day replies for advisers and automated client vetting, eliminating missing LoA information or misdirected requests which previously led to delays and friction
- Introducing integration capabilities that enable automated client vetting and same day replies for policy information – eliminating missing LOA information, misdirected requests and customer delays
- Integrating with a shared, market wide solution providing consistency, so advisers don’t have to learn yet another provider-specific process
- Creating a single digital entry point for sending all LoA requests instead of advisers having to use multiple inboxes and processes
- Streamlining multiple legacy systems shaped by mergers over many years into a single solution across all LoA products
- Online real-time tracking of LoA progress for advisers, with notifications at each stage of the process
Ed Parker, Head of Adviser Lab at Scottish Widows, shared his reflections and ambition for LoA transformation:
“It’s great to see providers in this consortium and beyond investing in long overdue improvement to LoA servicing, with noticeable enhancement to digital experience, data accuracy and turnaround times. At Scottish Widows our ambition is clear, to move all of our LoA servicing through Unipass Letter of Authority, with automation built behind this single channel to offer advisers LoA responses in 15 minutes, not 15 days. We believe this is how LoAs should be done, no more waiting and chasing for advisers, faster pace and better outcomes for clients.”
Anthony Rafferty, Chief Executive Officer at Origo, adds:
“The consortium shows what real collaboration looks like in practice as organisations integrate transformative LoA processes into their own systems, moving beyond simply digitising their existing approach to fundamentally improving the experience. I would like to thank our consortium partners for their leadership and support in driving this change. And for providers out there which still don’t have it on their radar to improve the LoA experience for advisers and clients, it is time to ask: why not?”
