Welcome

We hope you all enjoyed your summer holidays and are now getting back into the normal routine. Despite the holiday season, the Synaptic research team have been working as hard as ever over the last two months to encourage even more providers to work with us - and we would formally like to extend a warm welcome to the following providers who have joined us since the last edition of 'The Researcher':

Brooks Macdonald Asset Management; Charles Stanley & Co. Limited; Cheviot Asset Management; Foresters Friendly Society; LocumPlan; Medical Insurance Consultants; Prospect Wealth Management; R.J. Hurst & Partners Limited; Sippchoice; The Medical Insurance Advisory Bureau; Williams De Broe.

Four of the providers mentioned above have joined us as a result of our launch of the new Locum Insurance Cover research module in August. Special thanks are due to Lynda Cox of LocumPlan and Rob Lynch of The Medical Insurance Advisory Bureau for their assistance with this project. Further details on this launch are available from the 'in the news' section.

Did you know...

...that during August 2009, almost three quarters (72%) of personal pension recommendations made by IFAs were for male clients? The average age of these male clients was 43; females tended to be slightly older when buying their pension, with an average age of 45. (Source: Synaptic Insight)

What would you like to know from our Synaptic Insight data? For further details, please contact Anita White, Provider Business Development Manager, on 07826 875982 or anita.white@capita.co.uk.

In this edition...

• Synopsis reports
  

  The next scheduled Synopsis report will be based on personal pension plans, and is expected to include more than 10,000 pieces of genuine IFA research.

  Synopsis discloses the research and selection behaviour of IFAs to give providers a true insight to the effectiveness of their product offerings and includes:

  • Information and commentary on the key stages of product research and recommendation.
  • High level statistics and research volumes for personal pension research.
  • Details of the individual features and sectors being selected by IFAs and importance weightings.
  • Confirmation of the ranking criterion being used to select personal pensions.
  • A detailed grid showing the new business levels achieved by all providers during the last 12 months.

  This report will give insight into the methods and criteria adopted by advisers subscribing to Synaptic's online research tool reflecting the basis of selection over the last 12 months. To register your interest, please submit your request via the link below.

  

  Should you have any queries, or if you would be interested in a Synopsis report on other product areas, please contact Anita White (Provider Business Development Manager) at anita.white@capita.co.uk or email financialsoftwareresearch@capita.co.uk.

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• Hints and tips
  When information is added to a policy condition via Update Manager you may notice that we will sometimes standardise your responses. This is to ensure that the data appearing on our software is consistent. For example, you may add 'none' and we will change this to £0.
  
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• Team news
  We would like to welcome Andy Mordue to the research team. Previously, Andy worked as a Financial Adviser for Halifax and brings a wealth of knowledge, experience and qualifications to the team. Andy has already introduced himself to his points of contact at the relevant provider accounts. He has also completed our meet the team questionnaire so you can get to know him better:
  
  

  Andy Mordue Research Analyst andy.mordue@capita.co.uk Where were you working before you joined Capita Financial Software? Halifax as a Financial Adviser. If you could have a super power what would it be? Time travel. Which historical figure would you most like to meet? Martin Luther King. If you could be a 'fly on the wall' anywhere where would it be? Too many choices! If you were Prime Minister for a day what would you do/change? I'd implement a four day working week. Name two people you would like to have dinner with? Nelson Mandela and Martin Luther King... or Lady Gaga and Pink! If you could have invented something what would it have been? The computer. Where would we be without it? If you were stranded on a desert island what one thing would you bring with you? An endless supply of beer! Where is your favourite holiday destination? Greek islands. What is your favourite 'album' at the moment? Lungs by Florence and The Machine.

  
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• Synaptic data developments

  Multi-benefit
  Having researched the multi-benefit area earlier in the year we are aiming to launch a new multi-benefit area in Q4, which will sit within the health module. Multi-benefit is a combination of benefits which can include critical illness, income protection and term assurance, all available under the one policy. We will be contacting the appropriate protection providers in the coming weeks with a view to adding their product data.

  Special offers
  Should special offers have their own entry? We would like your help.

  When a special offer is added to our software this is added as a link attached to your existing contract. Do you feel that a special offer should have a separate entry as a contract in its own right? Please let us know your thoughts.

  Please feel free to forward any ideas to the team by e-mailing financialsoftwareresearch@capita.co.uk. Thank you for your feedback.

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• In the news

  Capita Financial Software launches locum insurance research service

  August saw the launch of a new locum cover insurance research module in Synaptic's product research tools, which we hope will give advisers much food for thought regarding new business opportunities.

  Locum insurance is designed to cover costs associated with absence for medical professionals including GPs, dentists, vets, chiropodists and opticians amongst others. This type of cover is particularly topical today due to the swine flu pandemic, with many GPs (and medical professionals working in close proximity to the general public) looking to ensure that they are covered in the event of absence due to the outbreak.

  In recent years, some locum insurance policies have been considered rigid and inflexible, however, much like critical illness cover, plans have now evolved in all aspects and some now cover jury duty, medical costs, personal possessions as well as core benefits for sickness and accident.

  After monitoring an increase in enquiries relating to this product type over recent times, the Synaptic research team took measures to contact providers, who assisted in designing and developing a module dedicated to this unique cover.

  The new research area can be found in the health module and allows advisers to select six products from four providers; filtering over 75 features to find the most appropriate plan to suit clients' needs. Filterable features include occupation type, core and additional benefits, deferred periods, indexation methods and payment frequencies and methods. There are also 16 'conditions' fields which enable users to find out more detail about these plans, including minimum and maximum ages, weekly benefit amounts, discounts, charges, exclusions and loadings.

  Once a suitable plan has been selected, users will be able to produce a full suitability or product research report to support their findings and, as always, a full audit trail is available throughout.

  In the current economic climate, we recognise that it is important for advisers to be able to diversify their service offerings as well as their client base and we hope that the newly developed area will help our users to touch upon previously unchartered territory. For advisers already recommending locum cover insurance, we hope that the new area will provide a streamlined and effective research process to support selection and evidence compliance.

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• Send this to a colleague
  This service is supplied exclusively to product providers. If you would like us to add any colleagues to this distribution list, please use this link and complete the form provided.
  
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Tel: +44 (0) 2476 632884
Fax: +44 (0) 2476 839701

Email: financialsoftwareresearch@capita.co.uk
Web: www.synaptic.co.uk

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