Standard Life today announced that it has implemented Transversal's Metafaq eCustomer service solution to provide Independent Financial Advisers (IFAs) with online answers to questions on the UK Government's upcoming Pension Simplification Initiative, along with questions on the Defined Contributions Pensions regime and Inheritance Tax.
The new pension regulations, the most significant overhaul of the British pensions system for a century, will affect all pension holders. As you would expect the regulations are generating a large number of queries to Standard Life ahead of their introduction on 6 April 2006. The company's two million pension customers can therefore be confident that all Standard Life's IFAs will be able to quickly and accurately answer their questions surrounding the new pension initiative and explain how the new rules will affect them.
The Pension Simplifications Initiative, designed to streamline the UK pensions system, will replace the eight sets of rules which currently exist for different types of pensions. As a result every pensions plan will follow the same basic rules governing contributions, tax relief and how the pension can be drawn.
"The new regulations on pensions are a major change to our business and we need to ensure that our IFAs have the most comprehensive and up to date information available to them," said Kerrie Reid, Development Consultant, Priority Products (Pensions),Standard Life. "We needed a solution that could provide fast, accurate and automatic answers to help our IFAs and to complement the range of support that is already available."
Using Transversal's advanced online eCustomer service solution IFAs can solve queries around the new rules and find exact answers by using natural language search. Questions can be entered in complete sentences and Transversal's Metafaq solution finds the relevant answers with its advanced "brain like" human language understanding.
Transversal's Metafaq solution uses a dynamic, self-organising, self-learning knowledgebase of answers that is populated by Standard Life's staff. A simple, automated email workflow is used for creating, approving and submitting answers to the knowledgebase. Content approvers use a simple two-click function to publish new content, which automatically relates and prioritises itself with other information in the knowledgebase.
"With Pensions Simplification affecting all our customers, we need fast access to correct information to enable us to provide the best possible advice," said Andy Bracken of IFA Timothy James and Partners. "As a long term partner of Standard Life I'm delighted at the introduction of this solution which will be invaluable in meeting these new regulations and providing assistance and advice to our clients."
"The Standard Life implementation shows how our solution can help companies deal with increased customer service demands, even concerning the most complex regulations, quickly and accurately," commented Davin Yap, ceo and co-founder, Transversal. "Metafaq will enable Standard Life to differentiate itself from the competition by providing outstanding customer service through advanced knowledge management in addition to the support they already provide.