Rosemount Financial Solutions (IFA) has launched an AI-powered tool designed to help advisers deal more efficiently with ceding scheme providers.
The mortgage, protection and financial planning network said the new tool, ProCeding, had been developed in-house to reduce the administrative burden involved in reviewing ceding documents.
The tool uses AI-powered scanning technology to extract key information from documents which can run to more than 40 pages, with the process taking a few minutes.
Advisers can verify where the relevant data appears within the document, or identify information that is missing. ProCeding can also automatically generate a follow-up email template to help advisers chase outstanding information from providers.
Rosemount has also launched a Provider Index tool, enabling advisers to search for plan types across different pension and investment providers.
The Provider Index includes Letter of Authority guidelines, including whether documents can be digitally scanned or signed, or whether a wet signature is required. It also includes provider contact details, as well as notes and updates on providers and policies.
Both tools have been developed in response to adviser feedback over the time taken to deal with ceding providers. They are available through the Rosemount Adviser Portal, with further developments planned to support LOA submissions and automated chasing in the coming months.
The launch follows Rosemount’s introduction of an AI-powered tool to support the financial promotions approval process.
Ahmed Bawa, ceo of Rosemount Financial Solutions (IFA), said: “We know that the ceding process can be lengthy and frustrating, but by developing these tools we are able to take on some of the heavy lifting involved and allow advisers to quickly access the information they need, whether that’s direct contact details for a provider or to establish what’s missing from a ceding document.
“Too often advisers feel ignored by their network, but at Rosemount their voices are not just heard but acted upon.
“As a network, we have invested significantly in our technological infrastructure, which allows us to design systems and processes which address the specific needs of our advisers.
“Our expertise with AI means we’ve been able to incorporate it safely, securely and efficiently into our new tools, with further developments on the way.”
