Ontario, CA (PRWEB) December 14, 2011
Laser App Software, the leading provider of automated financial forms-filling and management software for the securities and insurance industries, today announced the launch of their free NIGO calculator, a web tool that allows broker-dealers to calculate the cost of and better manage their not-in-good-order. Available on the Laser App website, the tool allows broker dealers to identify the hard cost, on a firm-by-firm basis, that they spend each month on top of their fixed monthly processing costs because of not-in-good-order. Firms can recalculate that number on an ongoing basis in order to more closely monitor NIGO costs and benchmark the effectiveness of processes meant to reduce not-in-good-order.
Laser App’s NIGO calculator allows broker-dealers to receive a conservative estimate on what NIGO is costing their broker-dealer each month down to a dollar amount for both direct business and brokerage business. To use the NIGO calculator firms need to enter four key pieces of information, specifically, their number of transactions per month, their percentage of direct or brokerage business, the number of reps in their broker-dealer, and the current NIGO rate at their firm (if unknown, they would use 25% which is the securities industry standard). Once entered, the calculator will provide them with their “NIGO Cost,” the additional money they spend each month on top of normal operating costs based solely on not-in-good order.
Robert Powell, vice president of sales & marketing at Laser App, commented, “Everyone in the industry knows that NIGO is a problem, but while there are baseline averages out there, many broker-dealers are not aware of how expensive NIGO can be for their firm specifically. This calculator provides them with a fair and realistic estimate of how expensive rejected paperwork is for them.”
Powell adds, “Currently, broker-dealers are looking for systems to help reduce NIGO, but they need something to help gauge what their NIGO costs really are, and until now, the cost of poor paperwork processing has been difficult to quantify. That is why Laser App developed the NIGO calculator, to help these firms understand the impact of not-in-good order on their firm, enabling them to make more informed business decisions about NIGO solutions and assess whether their processes to address not-in-good-order are working.”
In addition to the free NIGO calculator, Laser App is also launching the Rep Payback Calculator. Using this tool, advisors can input their hourly rate and amount of business per week, to understand how quickly a forms filing solution such as Laser App will pay for itself by allowing them to better manage their book of business.
The Laser App library currently houses over 27,000 forms, and this library continues to grow as insurance and securities companies alike realize the tremendous benefits available to streamline heavy paperwork processes.
About Laser App Software
Laser App Software creates products that combine state-of-the-art form-filling technology with our massive library of industry-related forms. Forms are maintained by us so insurance agents, registered reps and advisors can focus on their clients, rather than filling out paperwork. Founded in 1995 by insurance agent Ed Beggs, Laser App pioneered forms filling in the independent broker-dealer community and services over 100,000 users. In the same way Laser App allows reps to use their existing data to prefill forms, broker-dealers can also leverage the same data to prefill their back office and compliance systems. For more information on Laser App, visit http://www.laserapp.com
Aspectus PR for Laser App