AIA Australia has set up a web-based self-service portal, allowing financial advisers to take more control when managing client account details.

The portal lets advisers update clients’ contact information and bank and credit card details directly to policies, with confirmation updates automatically sent to clients.

Chief Retail Insurance Officer Pina Sciarrone says to maintain profitability, advisers are seeking efficiencies such as removing data entry errors from administration processes.

“Web-based self-service technology will be increasingly used to streamline the administration process for financial planning and avoid costly errors and delays,” she said.

“Advisers are concerned they are continuing to spend too much time in manual handling and inefficient processes for insurance administration.”

Ms Sciarrone says duplication of data entry is a roadblock to efficiency for advisers.

“When an adviser or practice staff member is able to change and update client information direct to the policy system of an insurer, they feel in greater control of the administration process. Practice principals want to make life easier for their practice administration staff, and web-based self-service is one of the most efficient ways of enabling staff to take control.”