Fintech developer OPAL IS, part of OPAL Group, has announced its new protection platform, Pandora Launch.

The protection platform and OPAL aim to provide rapid access to digital distribution at scale.

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The latest product migrated into Pandora Launch was UnderwriteMe’s digital rule engine for HSBC Life. As a result, it can now be configured to support a broad range of protection and investment products.

In addition, providers can distribute products using a fully digital ecosystem that manages the key aspect of the sales and administration process. The products can also be distributed across a range of digital channels, including CRMs, aggregators and price comparison sites.

Additional features include:

  • Product configuration tools;
  • New claims system;
  • MI portal that allows access to user analytics and data;
  • Integration with the UnderwriteMe, IRESS, and Webline platforms, and
  • A connection to MyAviva digital portal and the top three aggregators in the market, including MoneySuperMarket.

Eoin Lyons, OPAL Group CEO, said: “Pandora Launch gives a full cycle digital protection journey connected to the full protection digital distribution and rules ecosystem. Protection platforms need to be smooth, fast and seamless offering an uninterrupted journey while either complementing or replacing legacy systems without disruption. We believe Pandora Launch is the best example yet of a platform that can offer Protection providers the ability to distribute their products at this scale with digital integration and sector-leading speed to market.”

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Pandora Launch is used by a number of clients including HSBC, Aviva, and Lloyds Banking Group.

The proposition for HSBC was trialled amongst a small number of intermediary firms ahead of a wider market roll out later in 2018.

The system was built on OPAL IS’s PANDORA platform and white labelled to HSBC’s brand requirements.

The scope of the build included all aspects of the customer journey from quotation, acceptance, administration and claim. It also included an adviser portal for fully digital self-service as well as being integrated with the leading IFA CRMs and comparison websites.

OPAL IS developed the following solutions bespoke to HSBC requirements:

  • An entirely digital customer journey, from initial business capture, to administration including claims notification and settlement;
  • A purpose-built IFA life protection portal including the management and payment of IFA commissions;
  • A Quick Quote process, which enables IFAs to get a rapid indication of whether their client qualifies for the product without the need for detailed underwriting questioning, and
  • Application process for qualifying customers within the HSBC quotation portal