News & Events

Technology cuts length of sales process by 40%

Technology can cut time spent on the advisory process by up to 40%, according to new research from the UK’s leading provider of financial advice software, Distribution Technology.

As part of its new benchmarking service, Distribution Technology carried out research with a number of its enterprise clients which use its Planning and Sales Platform. Based on a variety of case study scenarios, results show that the software has reduced total time spent on sales of Income Protection Insurance (IPI) policies by over half (54%) and investment products by a third (32%).

Needs analyses and suitability letters are most noticeably affected by the deployment of Distribution Technology’s Planning and Sales Platform software ? in fact across these two areas technology frees up, on average, 82% of the adviser’s time. For ISA consolidation, time spent on these two processes is cut by a massive 85%.

Distribution Technology’s CEO, Ben Goss said:

Our research confirms that the implementation of advice technology has huge benefits for financial institutions reliant on advised distribution. The results show that our software dramatically increases productivity rates and therefore, in turn, profitability rates.

He continued:

With additional elements of our Planning and Sales Platform being implemented now and over the next six months, we believe that our solution will deliver a key element of the productivity revolution that advised distribution needs. This can be done whilst embedding quality and the firm’s risk controls at the heart of the advice process.

Distribution Technology’s ‘Powering Profitable Advice’ research was based on scenarios including:

• The consolidation of six existing PEPs and ISAs onto a platform


• Rebroking a term assurance and a new IPI policy


• A new investment of £50,000


• A PPP-to-PPP transfer, combined with rebroking a term assurance, a new IPI policy and a new investment of £50,000

Results uncovered in the study show the following:

• The average total time spent on consolidating an ISA and PEP onto a platform was 10.5 hours
  Planning and Sales Platform reduced this figure by 3.42 hours (33%)


• The average total time spent on rebroking a term assurance and a new IPI policy was 4.8 hours
  Planning and Sales Platform reduced this figure by 2.58 hours (54%)


• The average total time spent on a new money investment of £50,000 was 5.05 hours
  Planning and Sales Platform reduced this figure by 1.63 hours (32%)

For needs analysis and suitability, figures show that Distribution Technology helped to:

• Reduce time spent on ISA consolidation by 85%


• Reduce time spent on term assurance and a new IPI policy by 79%


• Reduce time spent on a £50,000 new money investment by 80%

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30/11/06