Friends Provident developed free subscription data service to support client retention activity
Friends Provident has developed an enhanced data service to support financial advisers with its client retention activity in challenging market conditions.
According to the company, advisers can sign up to the free subscription service to receive alerts when changes are triggered to their clients’ policies. The data enables advisers to take action to prevent threats to their existing book of business, such as clients cancelling from inception, missing premiums, policy lapses, possible commission clawback and new direct debit instructions being issued. A recent enhancement to the service flags up when clients change their contact details.
The company has said that the subscribers can choose the frequency in which they receive the data reports. Data is provided in .csv format that is displayed in an excel spreadsheet or can be imported into advisers’ back office systems to integrate with their own records.
Steve Young, manager of ebusiness at Friends Provident, said: Our event manager retention data service can add a valuable dimension to intermediaries’ client relationship management. Clients may not appreciate the full impact of missing a payment or cancelling their policy, and if they haven’t sought financial advice it could prove detrimental to their financial planning arrangements. Our alert service ensures that advisers are fully aware of everything that’s happening on their Friends Provident book of business and arms them with valuable time and insight to take proactive steps.