Ellipse has introduced a service reducing the time it takes to produce policy accounts to a matter of minutes.
The online service from the group risk insurer enables clients to upload spreadsheets, including any changes in members or their details, directly into a secure environment.
As soon as the upload is complete, new policy accounts are produced and made available online.
Ellipse encourages quarterly updates of data, ensuring a close alignment of the cover companies have with the premium being charged. The overall time spent on policy accounting is now considerably less.
Eva Schwandner, Chief Operations Officer at Ellipse, said "One of the historic reasons for group risk policies being associated with poor service is the length of time clients have had to wait for their policy accounts to come through - typically weeks and often months after a scheme year has ended.
"Utilising available technology, it is perfectly possible - as we have now shown - for accounts to flow immediately from updated data."
"We believe massive efficiency gains can be derived simply by dealing with the right counterparty at the right time.
"For data refreshing, the client is the party with the information we need so it's logical to request it directly from them.
"Advisers are kept in the loop throughout, but the aim is to free them up from handling low-value administration.
Ellipse has made available a video on its website, it takes viewers through an example of a company updating its data from start to finish.
