Focus is currently working in partnership with an insurance provider to develop automated self-invested personal pensions (SIPPs) extranet solution, which includes income drawdown and annuity products. The new solution will integrate into existing core administration systems creating a powerful straight through processing model without the associated manual intervention.
SIPPs are becoming increasingly popular and more providers are looking to use technology to create sophisticated processing solutions that can easily administer these sales through a quick, efficient intermediary extranet proposition. Some organizations have doubled the amount of sales in this area since last year and technology has been fundamental to their success.
Richard Stevenson, chief executive of Focus Solutions, said: We have been providing solutions to the life and pensions markets for the past ten years and our past experience has given Focus great insight into the pensions’ process. Recently, we have seen an increased demand for an automated solution for the sale of SIPP products and have adapted our intermediary extranet proposition in response to market demand. According to research, SIPPS could make up nearly a third of all pensions under management in just a few years, so we expect increased demand.
