Intelledox enabled AXA to slash it’s document completion times 75% – From 7 hours to just 40 minutes

Business Environment

The financial services industry is highly competitive. To be regarded as a trusted, financial service provider, it is important to deliver high-quality services and products of financial investment, superannuation and personal insurance. The client is the main focus throughout the advice process; The Advisers recommendations must fit each client’s specific needs and accurately reflect their current situation.

Global financial institutions must comply with legislation, with regards to the construction and delivery of Statements of Advice (SOA) and Financial Services Guides (FSG). The documents must meet standards to satisfy specifications set by the government’s Securities and Investments Commission.

 

Business Challenge

In 2008, a regional branch of one world’s largest global financial services group, AXA, decided their document system was too complex to manage and did not cater for licensee growth or potential changes to the regulatory environment. To produce SOAs and FSGs for clients, AXA had a financial document management system that included a collection of hundreds of Word documents and Excel spreadsheets compiled using complex macros. It was an awkward system that was difficult to maintain and resource intensive. AXA needed a more efficient document generation system. After looking at a number of solutions, Intelledox was selected as the optimum solution to meet their requirements.

 

The Infiniti Solution

In December 2008, AXA Australia rolled-out Intelledox to its network of Financial Advisers. It was so well received that by the end of February 2009 they were able to decommission the old system. Intelledox provided AXA and their network of advisers with an automated document solution covering all components in the construction of SOAs and FSGs, investment advice scenarios, strategy information, insurance and superannuation. The Intelledox solution made the document maintenance and creation process highly efficient.

From one central point, AXA could easily design documents, manage templates as well as control and update legal changes. The centralized nature of the solution enabled instant and absolute legal compliance. By using Intelledox, readability improved and all documents have the correct corporate branding and adheres to the style guide. Additionally, advisers could now easily incorporate their personal business graphics into the documents.

Financial Advisers accessed Intelledox via an online portal and could easily produce customized SOAs, FSGs and incorporate client’s details. Corporate data and legal disclosure content was fully leveraged to populate the standardized elements of the document. The Advisers integrated data from their financial system and the finished document was then generated. Since deployment, there has been a dramatic improvement in document completion times, on average, from 7 hours to 40 minutes. Intelledox performance analytics also showed daily usage by around 200 Advisers and some 250 SOAs generated per day.

 

Improvements

  • Direct control of documents, corporate templates and legal content
  • Significantly reduced time for content updates and legal changes with real-time distribution
  • Fast generation of complex investment advice documents
  • Assurance that the company style guide and legal content is updated and consistent for all advisers
  • Advisers can quickly generate documents; assured that core content is current and up-to-date
  • Modern web-based and user-friendly interface

 

Business Benefits

  • Increased productivity and efficiency of business processes
  • Content accuracy and ease of management
  • Statistics reports and audit trail of document generation
  • Cost effective document system that is easy to maintain and requires no IT support
  • Improved corporate branding by creating modern, professional documents, that meet the company style guide
  • A scalable solution with the ability to meet future demands and cater for business growth
  • Increased value for Financial Advisers, who can provide correct tailored documentation – which leads to satisfied clients

 

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Intelledox provided AXA and their network of advisers with an automated document solution covering all components in the construction of SOAs and FSGs, investment advice scenarios, strategy information, insurance and superannuation.

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