HSBC protection product goes fully digital with Opal

Source: Opal

Fintech solutions developer OPAL IS, part of OPAL Group, has launched a fully digital platform for HSBC’s new protection product.

The new proposition, which is for advisers and comparison websites, is currently being trialled amongst a small number of intermediary firms ahead of a wider market roll out later in the year.

The system was built on OPAL IS’s PANDORA platform and white labelled to HSBC’s brand requirements. The scope of the build included all aspects of the customer journey from quotation, acceptance, administration and claim. It also includes an adviser portal for fully digital self-service as well as being integrated with the leading IFA CRMs and comparison websites.

OPAL IS developed the following solutions bespoke to HSBC requirements:
• An entirely digital customer journey, from initial business capture, to administration including claims notification and settlement
• A purpose-built IFA life protection portal including the management and payment of IFA commissions
• A Quick Quote process, which enables IFAs to get a rapid indication of whether their client qualifies for the product without the need for detailed underwriting questioning
• Application process for qualifying customers within the HSBC quotation portal

Eoin Lyons, OPAL Group CEO, said: “The OPAL Group has supported HSBC for many years administering a number of high value and complex products. HSBC selected OPAL IS to create the digital customer journey and seamless back office integration to support their re-entry into the protection market and OPAL IS was able to deliver in just four months.

“We believe we are the only software and solutions provider in the market who can deliver a fully digital solution this rapidly. Our three main drivers in developing software solutions are flexibility, speed and quality of build across range of products and brand types, such as wealth, banking and protection. The development of PANDORA enhances OPAL IS’s ability to deliver client solutions digitally and at pace.”

OPAL Group has been providing back office support to the Protection industry for over 34 years and currently works with four of the top five banks and three of the top ten insurers in the UK.

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