Questions posed during the Origo & NextWealth whitepaper webinar – FAQs
Questions around providers on the service:
Q: How many providers are now signed up to Unipass Letter of Authority (ULoA)? Can you share with us who they are and who else will be signing up to this service?
A: LV= is the first provider fully onboarded, so Letter of Authority (LOA) requests can now be sent digitally by advice businesses and fulfilled digitally by LV= via ULoA. Other key providers have been heavily involved in the creation of the new service and are working with us right now to work out how/when they can join, so we'd hope to see the number of providers able to support the service grow through 2021 and in 2022
Some of the companies who have helped us shape the service are listed below.
Q: How does the LOA process work currently if only LV= are signed up? I.e. if we have an LOA for Aviva, but they aren’t signed up, how does it work?
A: The Unipass Letter of Authority service is “a one stop shop” for all your LOA requests. In the case of this specific question the adviser or administrator would enter the client details once onto ULoA, then add the details of the LV= policy to the system as well as the Aviva policy. The system will then identify that LV= is a digitally subscribed provider and that Aviva isn’t. When the advisor or administrator presses the submit button, having obtained one signature or authorisation from the client that can be used for both Aviva and LV=, the system will deliver the LV= request digitally to LV= in real time, but it will also create a paper pack for the advice business to send off to Aviva. This can be sent via post or via a secure email to Aviva
Q: As per 2013, providers liked it and promised to support then didn't. For me this will fly if you can get the Origo sponsors to absolutely commit. If they do that then there is critical mass day one. What are the sponsors saying and are their legal & compliance teams on board?
A: Yes, Origo shareholders and sponsors are heavily involved in the discussions on Unipass Letter of Authority, and many of them have been involved in the working groups that have helped us build the service. We envisage the majority of those supporting ULoA soon, however we do appreciate that each provider may have their own challenges in terms of resource to immediately adopt a new industry process. The conversations that we’ve had with stakeholders at their operations teams and their compliance teams have all been very positive with many of those providers also giving their approval to our digital client authorisation process in ULoA.
Questions around how the service will work:
Q: As a business we send a lot of LOAs. Is there any limit to how many you can send in a month?
A: There are no limits to how many LOAs you can submit via Unipass Letter of Authority in one month or in any time period. The pricing model is based simply on the amount of LOAs that you submit digitally on an ongoing basis - the cost per LOA works out roughly that of the price of a first class stamp per each digital request that is sent by the system. You may set up as many users as your firm requires, we will not be charging a fee per user, just the cost per digital LOA. However, for now the system is free to use.
Q: What is the timeline for loading clients/requests by API/file/Integration?
A: The integration options for providers and CRM systems are now ready to be shared. Some providers are looking into these as the method to support the service. Users of a CRM system that has integrated Unipass Letter of Authority will be able to populate a letter of authority request from data pulled out from a client record in their back-office system and automatically be sent over to the providers. Similarly, providers will be able to integrate a fulfilment process into their workflow systems so that the data required to respond to a request can be automatically pulled from their database and the response sent back to the advisor via Unipass Letter of Authority.
Q: How does the Origo system work with letter of authorities that we are downloading and sending ourselves (providers not signed up yet). Will the reply come back through the Origo system at all, or will it come directly to us?
A: Where an LOA request that has been created in Unipass Letter of Authority on a paper basis and sent to the provider either via email securely or via the post, the response from that provider will come back to the advisory business via the usual route. Only those requests digitally submitted to the providers via ULoA, will be responded to within the ULoA system.
Questions around the ULOA standard template:
Q: How does it work if do not receive all the information you require from the Origo response. How do you go back to request it? Is there a set turnaround time? If not, how do you chase the provider?
A: We will be releasing a "second bite of the cherry" function later in the summer that will allow advisers to ask for more data after the initial response, including illustrations for example. There isn't a set turnaround time on the service for provider fulfilment, however over time Origo will be able to share the performance statistics around the average time taken for letter of authority fulfilment with the providers to show how they perform against their peers. There is also a process for providers to send an acknowledgement of receipt back to the adviser in Unipass Letter of Authority, and then set expectations for the adviser on turnaround of fulfilment.
Q: Do you have set templates for information requested or can you upload specific questions for information you require?
A: We have based the fulfilment data fields on a new set of standards that have been created by Criterion. This list of data items has been gathered with input from adviser and provider business that engaged with Origo in the initial stages and then subsequent continued input with Criterion. These data items are shown in the screenshot below. The “second bite of the cherry” functionality mentioned previously will allow you to respond to the provider’s initial fulfilment and ask for more data if necessary.
Q: It was mentioned that there is a standard letter of authority template, but can we upload our own LOA template to send through Unipass Letter of Authority?
A: Currently the system does not support the uploading of individual LOA templates. One of the main points that was raised by the providers and advisers which helped Origo with input on the system, was the desire from both sides to create a consistent approach to both the request and fulfilment of LOAs.
Q: Will all providers who sign up provide a similar standardised information pack? I feel this is an area were providers need to benchmark from others. There are one or two providers, notably Scottish Widows, who provide such a comprehensive information pack that often you don’t have to go back to them with any or many follow up questions. This is more efficient for everyone, and I feel all providers should benchmark this approach.
A: Yes the responses from providers will be based on the Criterion Standards for LOA fulfilment data. The example of these data items is shown in one of the answers above.
Q: I’d like more information on archiving, and the length of time LOA’s are held on the system.
A: The Unipass Letter of Authority service will archive data once it hasn’t been used after three months. The expectation is that adviser business will store the required data from any LOA fulfilment in their own back-office system, rather than using ULoA as data storage bank for old LOAs.