IRESS has partnered with LV= to deliver its integrated advice and wealth management solution, XPLAN.
Previously LV= was said to have a number of disparate systems forming part of its direct protection business.
The introduction of XPLAN across LV=’s direct protection business, closely integrated with IRESS’ The Exchange, will enable greater visibility of revenue, a quicker advice cycle and the ability to measure against key service benchmarks.
Mark Loosmore, executive general manager, wealth at IRESS, said: “The scale and structure of many businesses in the insurance industry often results in technology solutions evolving over time, resulting in a collection of varied and disconnected systems, each with various touchpoints.
“In practice this way of working can prove extremely resource intensive, creating duplications and with the obvious potential for letting inaccuracies creep in.
“XPLAN helps eliminate these challenges by providing a single unified solution that allows both LV= staff and the end consumer greater flexibility and efficiency – a must in today’s world of fast-paced technology.
“We have a strong, collaborative relationship with LV= and are looking forward to seeing the tangible benefits we believe XPLAN can deliver to the LV= business model.”
XPLAN is being implemented following an initial pilot of the phased rollout.
Mike Farrell, head of protection sales at LV=, said: “We pride ourselves on our ability to deliver good customer outcomes for clients and XPLAN will hopefully allow us to help more people, more efficiently.”