Glossary

Sometimes referred to as a Client Relationship Management or CRM system, an adviser’s Back Office System (BOS) can be run on your own hardware or run using the Internet. It is used to manage client data, produce client reports, perform financial analysis, link to Product Providers and sourcing systems etc, manage the diary, new business, compliance and commissions as well as generate and store correspondence and documents.

Usually used in reference to a type of internet connection, being much faster than standard dial-up internet speed and provided by an Internet Service Provider (ISP).

The download of a large amount of data relating to multiple clients, policies and policy valuations – all in one step.

An online service which allows advisers to receive from Product Providers up to date policy, contract and valuation information electronically.

The process of reconciling or managing commission in an adviser business – based on money owed, money received and money pending receipt.  Some specialist software systems can provide commission reconciliation support.

Client relationship management software enables management of the relationship with the client throughout their lifecycle.  (See Back Office System).

Is short for Comma-Separated Values.  Most commonly used when transferring information from one system to another such as with Data Download.  A CSV file contains values or information separated by a comma.  Microsoft Excel can read CSV files. 

A popular eService.  The method by which most providers transfer policy information to intermediaries.  Usually transferred in a .CSV file format. Microsoft Excel can read .CSV files and can be used to display Data Download information.

Transferring a copy of a file from another computer system or from the internet to your own computer.  Provider’s application forms and literature are often capable of being downloaded from extranets, portals and other online services, usually in PDF format.

All forms of electronic business activities conducted across the internet.

An umbrella term for services on the internet.  eServices for advisers include eCommerce transaction services for handling online business submission, quotes and research.

Transacting and transmitting  a proposal for new business online, electronically, usually via a portal or extranet service.

A private or secure electronic network or website which uses internet protocols to share a business’s information.  An extranet can be viewed as the external part of a company’s intranet.

A factfind comprises of a series of questions which an adviser asks of their client which helps advisers to get to know the client and provide advice that best meets their needs.

Usually refers to an online eService which allows adviser users to track the status of new business applications which have been submitted to product providers, irrespective of the method of submission e.g. via portals, via provider extranets or via paper.

Product Application Components (PACs) are electronic application forms for life and pensions products.

A file format created by Adobe, initially to provide a standard form for storing and delivering electronically printed published documents.

Used as a generic expression to cover the different types of eServices or technology solutions which provide a range of electronic services for advisers

In the adviser marketplace a portal is a secure internet based service which allows users to compare and contrast multiple providers, products and research information to assist in the business process.

An internet based service or system dedicated to the search and retrieval of information.  Examples include Google and Yahoo!

A generic name for voice centric mobile phones with information/data capability.

Unsolicited email.

A digital certificate service that is free of charge to all IFA users.  It avoids the need to remember multiple IDs and passwords for mainstream eService websites.

Sending a file from your computer to another computer.

A valuation details the value of a policy or a portfolio of investments at a specific defined date. Valuations of many policies can be obtained online.