March 2012

RWA Launches Broker Focused Meeting App

RWA Compliance Services has launched a mobile phone app which it claimed could help avoid some of the pitfalls insurance brokers faced when trying to keep good records of client meetings and explanations given.

The "Our Meeting Recorder" app, supported by Aviva, allows brokers to provide evidence that client meetings have taken place, where, when and briefly what was said.The compliance specialists highlighted that due to the app's GPS function, a broker could create an electronic stamp record of the time, date and location of a customer meeting at the touch of a button.The broker can then add a note, record a voice message with details of the meeting and also fill out a checklist of important factors that they explained to the customer and that they felt the customer had understood.

The company, part of the RWA Group, added that all this information was then emailed from the smart phone to the broker's office for filing, supervision or just as a permanent reminder of key points for the fuller report that might go to the client later. Robin Wood, chairman at RWA, said that it had become clear that one of the biggest problems brokers faced was keeping good records of client meetings, not that they were necessarily doing their jobs badly.

Missed the point

He commented: "Some of the solutions proposed already within the industry have missed the point entirely and potentially have left the broker at even more risk."We have spent a lot of time since Environcom talking to brokers around the country, either one on one or through the Masterclasses that we and Aviva have delivered over the last two years."Mr Wood concluded: "When you sit down and listen to hundreds of SME brokers you very quickly understand why they are concerned. I have reported on a large number of court cases involving broker negligence and so often I know the broker has done the right things but the records are just not good enough."The project to design the concept and delivery of the app was led by RWA's operations director, Tom Wood.

Fag packet

"It's a bit like the back of a fag packet for the 21st century," he said."The Our Meeting Recorder app is not a complete solution, but it helps a broker make a robust note of what was said and it is something that can be used in evidence if needed and it can help a firm supervise its staff and reduce its professional indemnity risk."It is fingerprint type evidence of what a good broker will document in greater detail later and if the greater detail is not completed, it gives contemporaneous evidence of key aspects of what happened."Something which even the best memory cannot recall sometime later when giving a witness statement when being sued for negligence."

For more information please go to www.ourmeetingrecorder.com 

Source: Insurance Age - http://www.insuranceage.co.uk/insurance-age/news/2164172/rwa-launches-broker-focused-meeting-app

Momentum Links Up With RWA Compliance Services

Momentum – the rapidly expanding UK-wide broker AR network – has made a positive statement on its approach to compliance, by signing an agreement to work closely with one of the most respected and successful names in the sector – RWA Compliance Services.

It was announced this week that Momentum – headed by ex-Oval MD, Howard Pepper – will work with RWA  to support its compliance work and further enhance its service to members. RWACS will work with Momentum to help ensure that it meets high regulatory standards.

Commenting on the move, Howard Pepper, said: “We are really looking forward to working with RWA. They have a long and successful track record and have supported brokers in helping them understand regulation and compliance, and ultimately supporting them in running successful businesses.  This is very much in line with what Momentum is all about.  We want to make our compliance responsibilities as  effective  as possible for our members and RWA adopt a face to face approach which will help us to achieve that.”

Chairman of RWACS, Robin Wood, said: “The big thing we have seen so far from Momentum is the exceptionally high standards they are setting.  RWA like working with firms with the right culture – that is the cornerstone of TCF and business success.”