Hub Financial consolidates life and investment business on WealthServ

Hub Financial today announced they will be extending their usage of WealthServ, currently used for their life insurance processing, to also process their segregated fund and mutual fund business.

June 4, 2012 � Many MGAs deal with life insurance, segregated funds and mutual fund business. Up to now, this has required two different back-office systems which elevates costs, increases complexity and prevents having a clear view of all a client�s information in one place. The WealthServ combined back-office solution delivers everything required for serious wealth management distributors to process all lines of business with one system.

WealthServ has provided separate life insurance and mutual fund back-office systems for a number of years, but BlueSun, the organization who produce the WealthServ software, has been working for the last 18 months on combining the systems. “Through our discussions with our clients, we realized that it was really painful for them to purchase, operate and support two different systems. It also meant it was really difficult to give advisors a consolidated view of their client�s business.” explained Simon Tomlinson, CEO of BlueSun. “With the combined system, MGAs are able to cut costs significantly without compromising the quality or breadth of functionality of their system. We�ve been told a system consolidated across product lines is the Holy Grail for MGAs.”

With a combined system, WealthServ provides one system for MGAs to manage life insurance, segregated fund and mutual fund product lines. The system enforces the different compliance and processing rules required for the differing products, but provides consolidated reports and dashboards so that back-office staff and advisors are able to see a consolidated picture.

Terri DiFlorio, Hub Financial President explained that despite the cost savings, the decision to consolidate was not easy. “We know from experience that migrating from one system to another is never pleasant. However, from experience we were confident WealthServ had the expertise and would take the necessary care to pull it off. We are 90% of the way through the migration and so far it has been completely painless”.

About Hub Financial

HUB Financial Inc. is a subsidiary of HUB International Limited, an international insurance brokerage that provides a broad range of property, casualty, life and health, employee benefits, investment and risk management products and services through offices located in Canada and the United States. HUB Financial Inc. is a Managing General Agency (“MGA”) for over 3,000 independent life insurance agents and General Agents in Canada. As an MGA, HUB provides efficient access for Independent Life Insurance Agents to Canada’s many life insurance companies.

About WealthServ

WealthServ, a BlueSun product is a leading business solution for insurance and investment brokers in North America. WealthServ provides integrated back and front-office technology across life insurance and investment products for wealth management distributors. WealthServ is the most connected back-office system with automated data links to Canadian carriers for pending and in-force life insurance feeds, FundServ for mutual funds and the major Paramedical companies for exam status and results. WealthServ website