Aviva latest big organisation to sign to the Origo Integration Hub
Aviva is the latest organisation to sign up to the Origo Integration Hub, making 19 companies now signed up to the industry-benefiting technology (full list below).
Anthony Rafferty, Managing Director Origo, says: “We are delighted Aviva has signed-up to the Integration Hub and look forward to delivering its benefits which enable companies to link once to the Hub and then connect with any other adviser systems using the service.
“Our recent research shows that integrations between platforms, back-office providers and software providers are not having the benefit for the advisers and subsequently their clients that we can see they should. That is because integrations typically are point-to-point; that is one company, based on demand and business case, links to one other company to effect electronic valuations for example. There are time, cost, risk and resource issues with those individual links, and they have all to be maintained going forward.
“We identified that if there was a centralised hub, into which everyone could link once and then connect to every other player in the market also connected to the hub, which also dealt with making, maintaining and monitoring the connections, the benefit to the industry could be huge – in particular to the financial adviser firms**.
“Momentum for this approach to integrating is growing and we are absolutely delighted that Aviva has joined the Integration Hub, adding huge weight to the community of platforms and adviser software suppliers.
“This centralised integration capability will significantly improve the overall market’s connectivity. It will help advice firms to improve their efficiencies, their profitability and enable them to deliver faster and better service to their clients. For platforms, providers, adviser CRMs and tools like cashflow modellers, it is about speed, efficiency, cost effectiveness and convenience, as well as increasing market reach and so potentially boosting business across the board.”
Karl Greenway, Head of Platform Development, Aviva said: “Aviva is committed to improving the service experience of adviser firms and finding ways to work in the best and most efficient way we can with other financial services companies to provide better outcomes for customers. Joining the Origo Integration Hub will give Aviva cost-effective access to a sustainable, manageable means of integration as well as extending our integration reach with our key technology partners.”
Origo recently published the results of in-depth research** conducted independently by the lang cat consultancy, which showed that integration between platforms, back-office providers and software providers to adviser firms isn’t working. Some of the high-end results included:
• 85% of firms see lack of effective integrations as a major cause of inefficiency in their businesses;
• A typical advice firm needs 18 point-to-point integrations if using one platform, 23 for two platforms;
• Firms often didn’t know they had integrations or said they didn’t trust their output and so preferred to keep to slower, more risky, manual processing;
• Firms routinely re-key client data across three or more standalone systems;
• A typical firm could be 100% more administratively efficient if systems were properly integrated;
• Or to put that another way, a typical member of adviser firm staff administering £10m of client assets could be handling £20m if the systems he/she used were better integrated.
*The full list of 19 users of the Integration Hub (in alphabetical order) is:
- Adviser Cloud
- Barnett Waddingham
- Creative Technologies
- Family Capital
- Legal and General
- Money Labs
- O & M
- Phoenix Wealth
- Profile Pensions
- Sprint Enterprise Technology
- Standard Life Aberdeen