Isle of Man-based savings and investments specialist RL360° recently launched a new web-based application system for its regular premium product Quantum. The move is intended to make the application process quicker and more effective for investors and their financial advisers.
More efficient and secure
The new system still requires applicants to provide a signature, and this can be done in a couple of different ways. The first method involves advisers completing a paper copy of applications along with their clients, who then sign the document before the details are entered into the online system and then uploaded. Alternatively, advisers and clients can fill in their applications over the internet, print the documents out and sign them and then scan their signatures onto the system.
According to RL360°, this setup is quicker, more secure and more cost effective than traditional postal applications because it means there are no delays while documents are en route to the company and there are also no courier fees. Furthermore, there is no risk of paperwork going missing in the post. Another benefit is the fact that a smart validation feature in the web-based system means that errors are flagged up immediately if fields within application forms have been accidentally omitted or filled in incorrectly.
The more efficient nature of the process means that it’s possible for policies to be issued either on the same day as applications are made or the following day. As soon as the products have been issued, clients can access all the relevant policy documents through RL360°’s Online Service Centre.
Applicants using the new application system should benefit from a seamless experience. The process was subjected to a thorough RL360° review over a number of months before it was rolled out and, during this time, any potential problems were resolved.
The first step
This is just the first step in the process of moving to online applications, RL360° noted. The company suggested that the system will be launched for more of its products, and later this year it will roll out a tablet app version of its application system. This will provide a completely digital, paperless system and will be able to accept digital signatures, further streamlining the process.
Royal London 360° formed in 2008 and it changed its name to its current moniker following a management-led buyout, which took place in late 2013. You can find out more about the business by visiting its website.