How today’s wrap-up administration technology increases effectiveness and value
Most wrap-up administrators acknowledge the importance of technology in business operations. The majority of large administrators use platforms developed in-house. The limitations of such traditional, first-generation systems can cause difficulties. These include unnecessary administrative burdens, lengthy response times, inflexibility, messy data exports and other problems. Smaller administrators may rely on basic spreadsheet software, causing hassles like duplicate work, delays and costly errors.
Because they lack the proper infrastructure to offer administrative services, brokers often refer clients to a third-party administrator. A broker choosing this route misses opportunities to strengthen client relationships and increase revenue. Brokers can extend the value of their expertise and relationships by offering clients administrative services supported by powerful technology.
Today, an advanced technology platform is indispensable for successful wrap-up administration. The recent emergence of such technology has resulted in significant benefits compared to what first-generation platforms and basic spreadsheet software could offer.