Misys signs up three life providers to AssureWeb portal
Misys has signed agreements with three life and pensions providers to offer end-to-end electronic trading to all IFAs. Friends Provident, Norwich Union, and Scottish Widows will invest a total of £9.2m over the next three and a half years for a 40% stake in AssureSoft Ltd, the holding company for AssureWeb. The money will be used to enhance AssureWeb and bring the portal through to profitability. Over the same timescale, the three providers will pay £16.8m for services related to their usage of AssureWeb.
The intention is that the portal will link with mi-solution, the Misys IFA compliance software, and drive the take-up of e-commerce. Ivan Martin, chief executive of Misys Financial Services Division, said: 'The only way to achieve real electronic trading is to combine the key e-commerce objectives of an IFA network operator, technology supplier and product provider. The new venture demonstrates how industry leaders in these fields can work together to deliver essential cost savings for the life and pensions industry.'
Misys will retain the operational responsibility for AssureWeb but in return for their investment, the three providers are to help shape the future strategy of the portal and will be represented on the board of AssureSoft. Misys is also in discussion with a number of other key product providers who may have an interest in joining the three life offices in the initiative. The company has said that it plans to continue to offer open access to all product providers and IFAs regardless of whether they are network members.
Newton Scott, managing director of marketing and distribution at Scottish Widows, said: 'The IFA marketplace is entering a period of profound change. Notwithstanding proposed changes to the polarisation regime there is a core requirement to increase the efficiency of the advice process. Movement to e-trading methods is vital to both IFAs and providers alike and will help to improve service levels in a low margin environment.'
