Home › Canada › Products › WealthLink™ – Investor & Advisor Portals › Big 5 Insurance Wealth Provider Transforms Advisor Experience
Big 5 Insurance Wealth Provider Transforms Advisor Experience
Client
The client, among the largest Canadian bank-owned insurance organizations, provides a comprehensive suite of wealth management solutions to meet client investment needs, offered through a variety of channels including an extensive network of proprietary and independent distributors.
Challenges
The insurance organization wanted to automate manual processing of select high volume financial transactions across its distribution channels. The processing was associated with a variety of high-touch insurance wealth products. The goal was to create a connected, compliant, real-time experience for clients, advisors, and back office, increasing efficiency and reducing costs.
- Specialized insurance wealth product offerings requiring manual, multi-step processes
- Processing errors and Not In Good Order requests (NIGOs) leading to delays, follow-up, and client dissatisfaction
- High operational cost per transaction
- Cumbersome, paper-based experience
- Lack of visibility of request status across the process chain
LTIMindtree solution
Together, we constructed a secure, digital end-to-end Advisor workflow leveraging orchestrated APIs to achieve Straight-Through Processing of fund purchases, switch transactions and DCA setups to the Unitrax Transfer Agency Platform. The solution implemented several automation-first capabilities, ensuring a frictionless front-to-back office experience:
-
Intuitive process standardization
Guided flows, supporting advisors through business processes and embedded business rules to ensure maximum input accuracy
Read More -
Integrated front, middle, and back-office
Functions leveraging validations, pre-trade compliance, and status reporting, as well as access to account information and e-documents to enrich client relationships
Read More -
Electronic payment
Investor Funding of purchase transactions through EFT
Read More -
End-to-end process support
Automated form generation/mapping, E-Signature integration, and compliance checks
Read More
Business benefits
- Self-serve enablement allowed advisors to initiate transactions in real-time with the investor resulting in fewer delays, NIOGs, and errors. Advisors can now focus on building client relationships and supporting their goals instead of administrative tasks.
- The client experienced improved trade accuracy, reduced adjustment risk, and financial losses.
- Productivity was uplifted through advisor enablement and reduced follow-up, allowing front, middle, and back-office staff to focus on high-value activities while reducing costs.
- Embedded workflows, digital controls, and reporting ensured frictionless and compliant execution of transactions.
- The foundation leverages APIs, allowing further integration into other technology stacks.
- The platform is scalable to support other business processes and end-user personas.
