"Asset discovery can be one of the greatest administrative challenges to handle in the event of the death of a loved one - an arduous and sometimes fruitless process."
A major challenge for legal services practitioners is identifying the full set of assets associated with an estate. Often legal professionals depend on family members providing financial documents such as bank statements. According to research from Exizent, almost eight in ten legal professionals (78%) say the administration surrounding the gathering of asset information is a major cause of delay, with 31% saying this is the single main cause. It is also the number one cause of client stress.
The integration will provide Exizent users with a detailed picture of the deceased’s assets based upon their financial history. The platform will perform an asset search based on relevant financial information and documentation, returning information on assets relevant to the case. This not only reduces the reliance on the family but will also significantly reduce the time it takes to identify those assets during an already stressful time, making estate administration more efficient and less prone to human error.
The partnership will start development to deliver functionality to all Exizent users in Q2.
Nick Cousins, founder and CEO of Exizent, said: “Asset discovery can be one of the greatest administrative challenges to handle in the event of the death of a loved one - an arduous and sometimes fruitless process. We understand the true value of aggregating financial information and connecting the parties involved in handling probate and this is a clear example of where technology can make the experience more thorough, simple, and efficient.”
Grant Giles, director of partnerships at Experian, added: "The process of asset discovery is a perfect example of something that can be made better through integrated tech solutions, and even more so by collaboration between institutions. We have already seen the value in automated financial information and account history, so we're particularly excited to see this utilised to ease the burden of estates administration, a typically stressful and complex process."
