Legal technology firm Exizent has announced a partnership with Experian to automate the asset discovery process involved in probate. The milestone partnership paves the way for future institution connectivity, with the ultimate goal of making things easier and more efficient for all involved.
A major challenge right now 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. However, as we transition towards a paperless world, this becomes messy and hugely challenging. According to Exizent’s Bereavement Index, 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. This forms a core part of Exizent’s mission to improve the bereavement experience for all. Linking best-in-class tech solutions makes the process of handing probate less uncertain, and more efficient and straightforward for executry teams, financial institutions and the bereaved.
Nick Cousins, founder and CEO of Exizent, says:
“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 – Partnerships & Alliances at Experian, says:
“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.”
In September last year, the UK-based start-up raised £3.6 million in funding to transform the way the legal and financial services industry deals with bereavement by bringing together all the information needed to manage probate cases on its unique online platform.
Experian, the world’s leading global information services company, has a proven track record in asset discovery, having launched a new and improved Unclaimed Assets Register (UAR) in 2011.
This article was submitted to be published by Exizent as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.