First Complete launches clawback early warning system for advisers

First Complete launches clawback early warning system for advisers

A clawed back payment is usually the first alert an adviser is given that the policy has lapsed and they will not be paid that month.

First Complete’s Lapse Early Warning System sends a bespoke email to every member firm showing policy details on any sales at risk of lapsing. The email includes: when a payment was missed, the arrears due, the requirements needed to reinstate the policy and the amount and date of commission clawback should the clients’ premiums remain unpaid.

The new system will also enable advisers to check on the intranet at any time to see a list of all policies at risk and the clients that they need to contact.

This information will also be pulled together at company and regional level, enabling First Complete’s sales management to identify geographic lapse risks and offer members support.

Toni Smith, sales operations director at First Complete (pictured) explained the reaosn this has taken so long to appear is that developing the software is hard work.

“Previously, brokers had to remember to go into individual protection provider systems, all with very different notifications that payments are about to lapse. We wanted to make sure all the hard work brokers do is protected for the customer’s benefit and so brokers won’t lose that business.”

Smith added the network’s lapse rate is in a healthy position but we wanted to offer another tool to help brokers manage their business.

“To have an online and email notification system like this working across a whole panel of providers is, we believe, a first for a network in the UK. This puts our advisers on the front foot and means they can quickly make sure that, where circumstances may change, their clients can keep the vital policies which are in place to protect themselves and their families.

“This is good for advisers, good for providers, good for the network and it could be vital for clients.”

First Complete returns to profit

First Complete returns to profit

First Complete launched in May 2010, following LSL Property Services’ takeover of mortgage advisory network Home of Choice, which had fallen into administration.

Since then the network reported it has grown business levels substantially, from existing advisers, new recruits and from existing LSL businesses now trading as appointed representatives of First Complete.

Jon Round, chief executive of First Complete, said a significant proportion of the growth has been achieved through workshops held throughout the year to help equip advisers to deal with the demands of the marketplace.

In particular, Round said a programme of protection workshops helped advisers develop genuine expertise in providing suitable protection solutions for their clients.

He said: “We have grown both organically and by acquisition during this period, and we are well placed to build on this success over the coming months.

“We have seen an increasing number of businesses wishing to join us over the course of this year as a result of both our financial stability and the extensive package of support we provide.”