The new arrangements build on the existing strategic relationship between the two companies under which The Exchange also provides quotes and new business transaction services to Tenet’s whole of market IFAs.
Tenet’s new protection offering provides all its members and clients with preferential rates, products and services from leading providers. It has developed a panel of five top protection providers (Norwich Union, Friends Provident, Legal & General, Scottish Provident and Axa) through which its advisers can place pure, non-investment protection business online and benefit from faster underwriting and application processing with increased application tracking accuracy.
Tenet will use The Exchange’s market leading Exweb quotation and electronic new business application services to power this new protection offering. The fact that these services are already established in the business process of the majority of its advisers, gives Tenet a low cost, low risk technology platform upon which to launch its new offering.
The Exchange’s services will enable Tenet’s advisers to obtain quotations and submit electronic new business applications to panel providers via a seamless interface from Tenet’s client administration system, Officenet, or directly from Exweb. The Exchange’s new panel management functionality, which has been developed to meet the requirements of new general insurance and depolarisation regulation, will enable Tenet to manage its panel of providers and automatically recognise if a user is registered for the panel arrangements and hence eligible to receive the enhanced terms.
The arrangements include an integration interface to Tenet’s client administration system to enable straight through processing by facilitating the automatic transfer of client data into quotes and application forms. Advisers will be able to link directly to panel provider extranets, giving them a choice of how to submit new business
Simon Hudson, chief executive at Tenet, said: “The Exchange’s panel management services give us the flexibility and functionality required to support our new protection offering, such developments are of major importance in the fight to control costs for advisers.”
David Child, managing director at The Exchange, comments: “Tenet has been able to use its leading position within the industry to develop this elite panel which must be very attractive to its various customers. We are delighted to have been selected to power this new protection offering.”