Four firms join Origo consortium to enhance LoA processes

Four providers have collaborated to launch a consortium aimed at transforming and scaling their letter of authority (LoA) processes through integrations with fintech Origo.

Origo has established the consortium with Scottish Widows, Aviva, Royal London, and Legal & General (L&G).

The fintech and providers will share their learnings of the different ways to integrate digital LoA processes to drive change across the UK LoA market and help address challenges.

A range of practical steps and actions have already been enacted by the four firms, aiming to improve the LoA experience for advisers and clients through integrations with Origo’s Unipass LoA service.

They have introduced same day replies for advisers for policy information and automated client vetting, and integration capabilities that enable these replies and client vetting.

A shared, market-wide solution has been integrated by the providers, alongside the creation of a single digital entry point for sending all LoA requests, the streamlining of multiple legacy systems, and online real-time tracking of LoA progress for advisers.

“The consortium shows what real collaboration looks like in practice as organisations integrate transformative LoA processes into their own systems, moving beyond simply digitising their existing approach to fundamentally improving the experience,” said Origo chief executive officer, Anthony Rafferty.

“I would like to thank our consortium partners for their leadership and support in driving this change. And for providers out there which still don’t have it on their radar to improve the LoA experience for advisers and clients, it is time to ask: why not?”

Scottish Widows head of Adviser Lab, Ed Parker, added: "It's great to see providers in this consortium and beyond investing in long overdue improvement to LoA servicing, with noticeable enhancement to digital experience, data accuracy and turnaround times.

"At Scottish Widows our ambition is clear, to move all of our LoA servicing through Unipass LoA, with automation built behind this single channel to offer advisers LoA responses in 15 minutes, not 15 days.

"We believe this is how LoAs should be done, no more waiting and chasing for advisers, faster pace and better outcomes for clients."

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