A move to incorporate insurance data into the InvestmentLink system has moved a step closer with the presentation of a feasibility study to eight targeted companies.
A move to incorporate insurance data into the InvestmentLink system has moved a step closer with the presentation of a feasibility study to eight targeted companies.
The idea of the InsuranceLink project is to give advisers and brokers access to consolidated client, commission data and underwriting data plus marketing and product information.
Seven of the eight companies (AMP, Colonial, Guardian Assurance, National Insurance Life and Health, National Mutual and Royal & SunAlliance) are also fund managers so there is excellent synergy with the existing InvestmentLink operation. The eighth company targeted is American International Assurance.
InvestmentLink hopes if it can sign up these companies to the InsuranceLink project, then they will also start downloading investment data into InvestmentLink.
A scoping study prepared by InvestmentLink shareholder CPS Systems shows the cost of up grading the current system to handle insurance data would be relatively inexpensive.
It says the cost would be around $180,000 compared to $2 million if they started from scratch.
A further part of the study estimates $215,000 would be required for resourcing and establishment costs.
Overall InvestmentLink is seeking to raise total new capital of $495,000 for InsuranceLink.
The company says its intention is that most third party software providers would be invited to participate in taking electronic feeds from multiple providers via InvestmentLink.
InvestmentLink says the benefits of this scheme in conjunction with the existing InvestmentLink format will have significant for hundreds of advisers and brokers.
"Many of the time consuming enquiries made to insurance offices and mounting paper trails and reports will be eliminated by such a system.
''If everything goes to schedule, then funding should be in place by October 31, and the system operational by May 1999,'' InvestmentLink says.
A move to incorporate insurance data into the InvestmentLink system has moved a step closer with the presentation of a feasibility study to eight targeted companies.