Focus’ goal:technology will be used to extend Paymentshield’s solution for the sale of life and critical illness products by providing electronic trading to their IFA customers.
Paymentshield already has over 10,000 agents using its INERTIA comparative quotation and policy management system. With the integration of Focus’ technology the electronic trading facility will be enhanced to include life and critical illness products and provide all of Paymentshield’s agents with a complete and rapid new business application submission process.
Paul Evans, managing director of Paymentshield said: “The intermediaries that we deal with are looking to simplify the sales process for non-investment life and critical illness products in order to cut costs and time out of the administration process. This solution goes a long way to achieving that goal. Being able to complete new business applications quickly and efficiently, validating data and sending applications electronically, will be a terrific bonus for those using our services.”
John Streets, chief executive, Focus Solutions said: “Paymentshield has already pioneered the electronic trading of general insurance products through INERTIA. With the delivery of Focus’ technology, it can extend this offer to include life and critical illness products. By the end of the year over 20,000 new policies a month will be submitted to its offices electronically.”