Misys has reported a 50% increase in the number of brokers using document management software as a result of the FSA’s record keeping requirements.
There are now over 1,000 users of the Invu software from Lindenhouse, Misys’ preferred document management supplier – a figure, which has increased significantly during the last eighteen months.
Brokers are now required by the FSA to retain certain records for prescribed periods. For example, a personal recommendation acted on by a customer must be retained for three years from the date the recommendation is made. Records must also be available for inspection by the FSA within two business days, which is why many brokers are opting to maintain records in an electronic format.
Mark Woolley, Business Development Director of Lindenhouse, said: ”Brokers have always recognised the time and space saving benefits of document management and scanning. However, now that the FSA requires brokers to retain records for prescribed periods and to have a level of contingency in place for disaster recovery, take up has increased significantly.
“Growth over the last eighteen months has also been influenced by a consolidating market. Very few acquiring brokers want to take on the legacy of paperwork. Companies are often worth more money with scanned documents as there are no huge costs associated with maintaining and storing physical files.”
“We would expect to see the number of brokers using the software to double this year, following our participation in Misys’ 2004 roadshows and the introduction of a number of new product enhancements. For example, new versions of the software are now available, offering even more flexibility for brokers to go paperless, and we have enhanced our CcInvu Print offering, which captures all Misys out bound printed documents automatically.”
For further information, please contact:
Caroline Hardiman
Press Relations Manager
Misys General Insurance
Tel: + 44 (0)1905 754455
e-mail: caroline.hardiman@mfs.misys.co.uk
Lindenhouse Software Ltd
Tel: 01223 834383
Fax: 01223 839483
Email info@lindenhouse.co.uk
Website www.lindenhouse.co.uk
Lindenhouse provides quality IT products and services to a wide range of clients. The company is an Invu solution provider and develops bespoke software to provide integration to all Insurance/financial services back office systems. Lindenhouse is a Premier Partner of Invu Services and is the world's largest reseller of Invu software. For more information on Lindenhouse, see www.lindenhouse.co.uk
Misys General Insurance, a part of Misys plc (Financial Services Division), provides innovative solutions for the insurance industry. It comprises Misys Financial Systems Limited, Misys Insurance Services (Ireland) Limited, Misys Insurance Management Limited and ACT Insurance Systems Limited.
Misys Financial Systems Limited, incorporating Misys Insurance Services (Ireland) Limited, is the UK and Ireland’s leading supplier of IT solutions (hardware, software and services) to general insurance brokers transacting commercial and personal lines business. A wholly owned subsidiary of Misys Plc since 1979, Misys Financial Systems has and continues to deliver a range of innovative, high quality solutions designed to empower its customers to profit. Today, from its base in Worcester, the company has a workforce of approximately 250 people with over 50% employed in product innovation and customer services. It has over 1,800 customers and the partnership of the UK’s and Ireland’s leading insurers. Visit www.misysfs.co.uk