lifePAC Life Assurance Administration System

overview
design features
business functionality
case study
implementations

lifePAC CASE STUDY:
Nottingham Friendly Society

‘In business since 1812, Nottingham Friendly Society has enjoyed spectacular growth in the last four years, underpinned by the stability of the lifePAC administration platform’

Client Business

  • Friendly Societies are mutual organisations mostly providing a wide range of savings, assurance, insurance and healthcare products, often tax-free. They offer investment and protection to people in all walks of life.  United Kingdom friendly societies have their own Association, with some 60 members. All friendly societies are regulated by the FSA.
  • Nottingham Friendly Society has been in business for over 190 years. Products offered include tax-free 10-year savings plans for adults and children, insurance mini-ISAs, and ‘With-Profit’ investment bonds for adults and children.
  • These products were themselves re-engineered and substantially improved following a full strategic review some four years ago. The Society re-focused its objectives to offer a top-class service to Independent Financial Advisers (IFAs) and policy-holders alike. This market-driven approach is helping Nottingham Friendly to grow its client base significantly.
  • At the same time Nottingham Friendly has concentrated on reducing its cost base, and operates with an efficient 9 staff at its headquarters in West Bridgford. The Chief Executive emphasises the accessibility of those staff to clients - truly a friendly society.
  • In February 2004 members of the Original Holloway Friendly Society voted overwhelmingly for a partial transfer of their business to Nottingham Friendly Society. The transfer was concluded on 30th March 2004 and has increased the Society's membership by 1367 policies; these will also be administered via the lifePAC system.
  • Nottingham Friendly gains 90% of its sales through IFAs, to whom it offers quick and efficient services. Remaining sales come from mailings, walk-ins and through the Society's Website www.nottinghamfriendly.co.uk. No matter what the source of a new policy holder each is offered the same top-class service: speed and accuracy in the writing of new business, policy administration, premium and credit accounting, and client enquiry. [Top]

Features of lifePAC

  • Nottingham Friendly has been a user of lifePAC since 1997.  lifePAC is a PC-based administrative and management support system, with flexible and full functionality, modular in design, with a client- and/or product-orientated database. It is implemented at Nottingham Friendly on a 10-user system.
  • The system interfaces with (among others) SAGE for accounts and BACS2000 for direct-debiting.
  • The system is supported by FIT. [Top]

Benefits of the FIT solution

  • lifePAC provides a flexible back-office that has supported Nottingham Friendly’s business growth and has provided a stable administration base upon which to build. Nottingham Friendly has progressively utilised the system benefits offered, and now has implemented automated claims. Accounting data export is in the plans.
  • Nottingham Friendly’s Operations Manager & Secretary says that the system has been beneficial in offering efficient IFA commissions management, and policy servicing.
  • He also says that FIT support staff have been consistently available from 9am to 5pm. [Top]

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