Stakeholder pension plans force NFU revamp
- Posted:
- 00:00 13 Jun 2001
- Topics:
- Workflow Management | Compliance
The investment, worth more than £3m, involved re-engineering business processes around an imaging and workflow system. This will ensure that data can be captured and displayed consistently from any source - by phone or from a laptop.
The IT investment will also ensure that policy information would meet the compliance standards of the financial services industry.
NFU's stakeholder offering is the first product to be based on the imaging and workflow system. The systems, from Filenet and Staffware, were integrated by IT services consultancy Keane in a six-month project.
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With strict limits placed on stakeholder charges, pension providers are keen to use the Web to cut administration costs and avoid crippling overheads.
Under government regulations pension companies can only charge customers a maximum of 1% of the stakeholder funds' total value.
NFU's workflow and imaging project is part of a long-term IT overhaul which has seen the insurance giant update its policy administration system, and introduce a customer relationship management system.
With the squeeze on IT spending and the pressure to deliver new products quickly a growing number of pension providers have turned to suppliers or consultancies to develop the technology to support stakeholder pensions.
Earlier this year Co-operative Insurance Society launched an online stakeholder pension based on administration software from Marlborough Stirling.
Nick Huber
nick.huber@rbi.co.uk
