In June 2009 the FSA launched their discussion paper (CP 09/18) on the Retail Distribution Review (RDR). The paper addresses the many persistent problems observed in over 21 years of regulation of the retail investment market.
The requirement to comply with the RDR, amongst the many other regulatory and competitive changes underway in the UK insurance market at the moment, presents both a challenge and an opportunity.
Elixir for Retail Distribution
Mastek has responded to this development with a solution which addresses the key challenges of operating successfully in a post RDR environment. Elixir for Retail Distribution (ERD) fully integrates the proven capability of Mastek’s modular Elixir Distribution Management platform with the market leading multi-channel distribution technology of focus:360°, from Focus Solutions.
ERD enables businesses to control agency agreements, supports multi-channel distribution and provides a platform for growth and improvements in operational efficiency.
How Elixir for Retail Distribution addresses the challenges
- Responding to consolidation in the distribution space
Elixir’s powerful Distribution Management platform deals efficiently with complex agency transfer and management
- Developing new channels to market without developing single, costly bespoke solutions
focus:360° in combination with the Elixir Distribution Management platform, provides a single platform from which multiple compliant sales channels can be easily set up and managed, including IFA, worksite marketing and direct to consumer
- Managing a range of charging models, including fees as mandated by the RDR
focus:360° in combination with the Elixir Distribution Management platform enables firms to devise and operate a full range of consumer agreed charging models to ensure compliance with the RDR
- Responding to industry pressures with legacy systems capability
Mastek’s end to end solution addresses all of the opportunities from the impact of RDR. Our modular platform combines:
- Full adviser/client Point of Sale (POS) technology
- Provision of a portal for distribution firms to manage their business model with providers
- Customer Relationship Management (CRM)
- Adviser/Agency management
- New Product Administration capability
Thus providing you with a strategic platform for growth and future development.
About Elixir for Distribution Management
Elixir Distribution Management delivers the flexibility to manage the complexities of the distribution landscape using modular technology that can move your organisation forward.
It gives you the flexibility to:
- Manage multiple channels with complex hierarchy
- Handle complex and high volume hierarchical changes
- Monitor agent performance against dynamic KPIs
- Manage multiple payment systems including Customer Agreed Remuneration
- Personalise payment schedules for agents
- Integrate with existing systems in the IT ecosystem
Elixir Distribution Management provides the power to respond to today’s challenges on a platform for growth.
About focus:360°
focus:360° is a single technology platform that supports any channel, any sales process, any product and any advice model that financial services organisations wish to deploy, allowing it to be used for a variety of sales automation projects from point of sale to multi-channel implementations. It also addresses over 25 client need areas such as maximising pension, saving for the future or purchasing a house.
focus:360° incorporates front, middle and distribution firm back office capabilities within a single solution and can be used to distribute a wide range of financial products such as investments, pensions, mortgages, retirement and general insurance.
With focus:360° you will benefit from:
- A range of client experiences from direct to consumer to a full financial review through pre-configured business content with multi-channel capabilities
- Reduced set-up costs for multiple distribution strategies
- Increased speed to market for new products and services
- Reduced cost of ownership through a simplified and scaleable IT architecture
- Single, scaleable platform to support long term improvements in efficiency and growth of your business model
