The Challenge
As A FTSE-listed financial services group, Just Group is a leading and established provider of retirement income products and services. Their 650,000 customers trust them to manage over £23 billion.
Given the scale of their business, it’s important to be as operationally efficient as possible to ensure that their end customers receive the best possible retirement outcomes. This necessitates taking a digital-first approach to best serve their large, predominantly online, customer base.
However, manual Letter of Authority (LoA) processes were slowing down their overall speed of delivery. This was affecting their ability to deliver customers’ outcomes in a timely manner.
The Solution
Having carried out a competitive review. Just Group selected FCA-Authorised Pension Lab and its automated and secure LoA solution for a trial.
Pension Lab’s LoA solution, providing both an adviser and a customer view, eliminates paper and post as well as the need for wet signatures by leveraging technology for identity verification and data security. It also provides a single digital signature point, guaranteed delivery to the correct provider processing team, dynamic provider chasing and real-time progress updates via an intuitive digital dashboard.
The deployment of Pension Lab’s “off the shelf” LoA solution also meant that it could be operationalised immediately following an online training session.
The Benefits
Since the trial began, Just Group’s Workplace team experienced an 80% time reduction in its LoA process. This was due to LoAs being automatically followed up at the optimal time for each provider and having a better understanding of estimated times to completion which are dynamic to each provider.
This has resulted in speeding up the time it takes from a customer making initial contact through to the provision of retirement options suited to their individual needs, which in turn has enhanced the overall customer experience.
Following the initial trial period, Just Group decided to extend Pension Lab’s LoA solutions more widely across the business.
Gary Thrower, Commercial Director, Just Group
“Pension Lab have developed a straightforward affordable solution to the current Letter of Authority issue. From partnering with them, it's radically improved our timescales and customer outcomes - which is at the heart of the Just Group tackling Consumer Duty.
The time taken from the customer receiving their LoA to completed policy details has reduced by 78%. The time taken from contacting providers to receiving policy details has reduced by 63%. And we're spending 80% less internal time on this process.
We're helping people achieve a better later life quicker and easier”.
“It has been a seamless transition moving from paper LoAs to using Pension Lab. The system is user friendly and a much more efficient process for our customers. The team at Pension Lab have supported us throughout and are reactive to any issues or suggestions we have”. (Workplace People Manager)
Working for your business.
Our Letter of Authority clients range from large pension providers to individual financial advisers. Whether you aim to integrate the solution into your existing offering or prefer access to a branded Letter of Authority portal that demands no development work, we have a customisable solution to meet your needs.