Iress’ two-way, real-time integration with CIExpert will help eliminate poor integration between disparate systems across the industry and deliver quality advice meeting Consumer Duty requirements.
This is according to CIExpert director, Alan Lakey (pictured), who was addressing delegates at a launch event at Zurich’s London offices earlier today.
It sees Iress team up with CIExpert to launch a two-way, real-time integration with the aim of bringing price and quality research together in one place.
The functionality, which is exclusive to Iress, is available on Iress’ sourcing platforms, The Exchange and Xplan Mortgage. But it can also be added to an advice firm’s own CRM upon request.
The live two-way integration builds on a previous one-way integration from critical illness policy comparison service CIExpert into The Exchange.
Emphasis on quality
Consumer Duty reporting requirements were also a key factor behind the integration, according to Lakey who told delegates it would help reduce inefficiencies, remove barriers and was a “step forward” for the entire industry.
“We’ve worked tirelessly to shift the emphasis away from premiums to quality – and just as importantly given Consumer Duty – value for money,” Lakey said.
“Consumer Duty requirements have placed an onus on advisers to undertake proper research and look at the end result and to look at the quality aspect – not just premium.
“In the last 10 years or so, there’s been some vast improvements in the tech available in the industry.”
Reducing inefficiencies
Lakey maintained that one of the greatest barriers the sector faces is the “poor” integration between systems and this disconnect has left advisers “juggling” the multiple platforms – manually piecing together the information and wrestling various inefficiencies.
“If we’re serious about helping advisers meet the demands of Consumer Duty and the regular reviews then we need to be serious about eliminating these various inefficiencies and hurdles,” he continued.
“Our industry is characterised by a broad and often fragmented set of of integrations – many tailored to different and specific adviser groups and networks.
“This means that tools like CRM systems, mortgage sourcing platforms and so forth, create barriers rather than breaking them down.
“Yet as highlighted in our Critical Thinking Report from this time last year, the discussion around a mortgage remains one of the main triggers for taking out protection. That’s why it’s critical to provide advisers with tools that seamlessly integrate protection into client conversations – making it a natural and efficient part of the process.”
Removing barriers
Lakey added that the integration was about more than just technology and was about removing barriers that have held advisers back for “far too long”.
“Iress has a proven track record of integrating across various disparate systems and this initiative builds on this system to bring these tools to a much wider audience,” he added.
“Not only does it simplify access, but it also tackles one of the biggest overheads for advisers – that of ensuring that all compliance resources from different systems are unified in one place.
“Ultimately it means advisers can spend less time wrestling with the different systems and more time focusing on what truly matters – delivering value and building trust with their clients.”
Lakey concluded by saying the development was not just a technical integration, but a step forward for the entire industry.
“It’s helping us align with the principles of Consumer Duty in a way that feels achievable, effective and impactful.”
Game changing
Warren O’Connell, head of business development for sourcing at Iress, added: “Iress and CIExpert are both leaders in our respective fields of sourcing and product quality research.
“This new collaboration delivers a depth of integration that is the first of its kind in the market and has been described by broker firm LifeSearch as ‘game changing’.
“We wanted to go beyond everything else that we’d done previously or that already existed.
“To be able to deliver on that in just a little over 12 months is a great example of two research platforms not only listening to their customers but acting on what they say.
“We know how vital the comparison process is in ensuring recommendations match the client’s individual requirements.
“We also know it’s important to speed up both the recommendation and associated compliance processes to help advisers and brokers spend more time on value-added tasks rather than admin.
“Thanks to great collaborative working and a shared vision, CIExpert and Iress have made this a reality, paving the way for even more innovation in this space.”
The integration offers real-time, two-way, deep integration of price and quality research, which pulls data into one place in The Exchange, Xplan Mortgage or the user’s own CRM.
It follows on from a number of enhancements made by Iress in 2024, including the introduction of ex-smoker questions, which allows more accurate premiums to be returned up front.
