FAQ’s

How does Brokerprove work?

Brokerprove allows you to easily manage all your important data (relating to clients, providers, regulator and other areas) in a folder structure that reflects your business as a Broker/Financial Advisor in a compliant and secure way. When new digital content enters your IT environment you store it in a “for filing” folder, where at any time you can review and decide if it’s important to be controlled within the Brokerprove environment and then you simply assign it to the appropriate tags (e.g. client, case, and document type). Brokerprove will look after filing this data in the right place, naming it correctly, and ensuring that it is easy to find, both locally and in the cloud. Periodically the patented Digiprove process is automatically executed securing the provenance, integrity and authenticity of all new and changed documents and, securely stores a copy of these documents in the cloud for access anywhere, anytime once you have an internet connection.

How is Brokerprove different from other Document and Record Management Systems?

Brokerprove is a document and file management solution designed specifically for Financial Advisors, what is unique and different is as follows:

  • Brokerprove has a file structure pre-set up with folder and document types specifically designed for Brokers, it reduces the time to process digital documents because of this compared with alternative solutions.
  • Brokerprove has an automatic and unique file naming convention that always ensures every document is uniquely identified and named in an understandable manner, regardless of who is processing the document.
  • Brokerprove inherently understands the compliance requirements of Irish regulators and therefore can identify missing compliance documents rapidly.
  • Brokerprove uses Digiproves’s unique patented process that creates independent traceable assurance as to the provenance, integrity and authenticity of all your documents.
  • Digiprove’s unique patented process also allows any 3rd party (customer, supplier, regulator etc.) verify any document you have supplied on or off line to confirm its provenance, integrity and authenticity – It will identify if any document has been tampered with accidently or maliciously.
  • Brokerprove leverages the cloud with unique digital data security technology, along with encryption, only authhorised staff can see your documents, and also automatic back-up of your digital documents occurs as a minimum every 24 hours saving on the cost of alternative back up solutions.

What is the difference between Brokerprove Cloud and Brokerprove Office?

Functionally both products are the same and operate in the same manner, the difference is that Office does not have the cloud functionality. This means your documents will not be replicated from your local master folders to the cloud, and therefore can not be accessed via the standard web interface, plus there is no back up copy of the documents. You still have the document and filing functionality and the security functionality. You may also access remotely if you already have a remote access solution for your network. For most users the Brokerprove Cloud product is most appropriate to derive the full benefit of the solution.

What documents and files are protected by Brokerprove?

You decide which files are managed by Brokerprove, these can include other non-standard files, data files from other software applications. The files can be those that originate digitally (e.g. Word documents, PDF documents, emails etc.) or are scanned from paper.

What proof have you that it complies with the specification?

The world’s leading authority on IT security “The Georgia Institute of Technology” has validated Digiprove’s unique patented technology and here is what they said:.

“The process described in the patent does indeed provide a tamper-proof way to show that digital data has not changed since its timestamp. The process also provides a provision to validate any alteration made after it has been time stamped. Some of the key uses for this technology are:

  •  Because the verification process is very quick, data that is being displayed or printed can be verified in real-time, identifying any tampering or otherwise assuring the integrity of the data
  •  A person or entity can prove their possession of any digital content at a given date and time.”

What is the Cloud?

Think of the cloud as a set of IT resources that you can access and use which do not reside on your premises or within your IT infrastructure. These resources can be as simple as the Hardware platforms such as central processors (servers) or Storage capacity or as elaborate as technical or business software applications. You access these resources through the internet. For those of you who remember the data centre, the cloud is analogous to a data centre.

What are the benefits of the Cloud?

The primary benefit of the cloud is that you do not have to incur high capital or set up costs for your IT and, the operational costs are low. It is fundamentally a rental model in that, for an “all-in” monthly fee you can rent some or all of your complete IT environment. You derive the benefits of scale, security, efficiency and expertise that the cloud providers have in place. It comes with the added benefits that day to day system management suck as backups of data are automatic, resilience and reliability are extremely high and many other benefits. You can focus on your core business and your cloud service provider looks after your IT very cost effectively.

Are there any downsides to using Cloud based services ?

For most organisations the benefits of the cloud far outweigh the benefits of procuring and operating your own proprietary IT environment. However some concerns exist relating to security. The question is often asked – How secure is my data? Most cloud providers (including Brokerprove’s cloud provider) offer very secure solutions to prevent unauthorised access to data. This includes user role/responsibility management, user authentication (passwords, biometrics), and data privacy (encryption). In addition to this Brokerprove incorporates Digiprove’s patented document authentication and tamper-detect technology. Digital data by its nature is easy to access and manipulate and if the defences are breached by a determined and educated hacker, he can modify data without leaving tracks. The use of the Digiprove technology prevents such hacked data being passed off as authentic. Data protection legislation is also a concern, in that you may not know where your IT resources and data is located and does it have the appropriate legal protection. For this reason Brokerprove only stores data with Amazon in Ireland.

Why is back up and recovery important?

In today’s world 95%+ of content is created and used in a digital/electronic format. Most of us at some time or other have experienced some form of hardware or software problem or have just made a simple mistake when working with digital data with a bad result – we have lost important digital content or work we have spent time on. Accidents, failures and disasters occur as a fact of life; by recognising this and planning for it in the digital world we can negate or minimise the impact on our lives and daily business. Back up and recovery as well as failover resilience is “a must have” in every organisation, ensuring when an incident occurs that we can recover data and information quickly and continue business as usual. A fit for purpose solution in your business requires additional failover hardware and software, coupled with back up and recovery software. More importantly it requires daily processes, procedures and activities to ensure your precious digital content and your business is protected. If you ask the question of most organisations What happens if your PC or server crashes? Will it switch over automatically to a back up server? How often do you back up your data? To where? Is it secure? And can you recover it quickly?  The answer to many of these questions is proven through industry analyst surveys and reports to be less than best practice in most organisations. One big advantage of using a cloud based service is there is built-in failover systems and automatic back up and recovery solutions. They prevent issues arising and in the event of an extreme incident that requires recovery of data can do this very transparently to your business.

Do I need to keep paper records?

Brokerprove meets the requirements of the eCommerce Act 2000 including the conditions for keeping electronic rather than paper records to satisfy legislative requirements, which states “if there exists a reliable assurance as to the integrity of the information from the time when it was first generated in its final form, whether as an electronic communication or otherwise”. Thus there is no further requirement for paper based records. For Brokerprove Office users (as opposed to Brokerprove Cloud) it is critical that an effective back up procedure is in place, which would include retention of a duplicate electronic copy on an alternative site and in a secure manner (Normally a tape, CD or removable drive, in a firesafe).

Is there any benefit to my key supplier/partners?

Brokerprove users have already reduced incoming and outgoing paper based mail by up to 90%, moving to direct electronic communications with their suppliers/partners where on entering the advisors IT infrastructure all electronic communications and content are managed within Brokerprove, this also includes any paper document received being scanned into the Brokerprove environment.

How does my client benefit from Brokerprove?

There are several benefits for your clients, the first and most important is the productivity of meetings by being able to access, update, modify and store relevant documentation in real time avoiding unnecessary contact with the office for paper based information and delays in re preparing and mailing hard copy documents. The process to ensure your client gets the best and compliant service can be progressed at a faster pace and with fewer meetings. For those clients comfortable in the Digital world then they can move to full digital engagement, including the recording and storing of any A/V content such as con calls, webex, etc.

How Many Users ?

The number of active users on the system is dependent on the size of your organisation and the number of professionals and administration staff who will use the system. Normally each advisor will be a user while at least one administrative support person will handle the online filing.

  • Starter Plan for 3 users for small organisations
  • Plus Plan for 5 users for medium organisations
  • Premium Plan for 10 users for larger organisations
  • Enterprise plan for an agreed number of users above 10

What is the best subscription plan for me ?

We always recommend that you select the lowest and most cost effective plan to suit your expected business needs. It’s easy to upgrade later and there are no penalties for upgrading. Digiprove’s core IPR is the process whereby we create and register the content and issue a certificate from our proof engine, so this is how we make our money; you don’t pay for software specifically, you pay for the content you certify by volume. You purchase credits which are reduced as you carry out Digiproving of your digital content. A folder being certified counts as one transaction/credit regardless of the number of individual files within the folder (up to a maximum Limit). When trying to select a plan you should ask yourself the following questions and do the calculations to get the optimum subscription plan for you and/or you organisation:

  • What are the important digital content types I want to protect?
    • Document types, Image types, A/V types,source code, log files etc., for example do you want to create records and audit trails relating to phone conversations or call centre audio records.
  • How many of each type will be created Daily/Weekly/ Monthly?
  • Are there Drafts or steps in the document lifecycle that need to be secured?
  • How many users/people will be creating digital content?
  • What applications might be creating content that I want to protect and how frequently?

Then calculate the likely number of monthly transactions and select a plan. Remember the unit cost reduces significantly for high usage plans.

Do I need special skills to use Brokerprove ?

There are no special skills required to use Brokerprove, any individual who has a basic familiarity with using a PC can use the system.

What does Brokerprove Cost ?

Brokerprove is a low cost business solution based on a software as a service model. There is a small initial fee (€1,625 plus VAT) for the Brokerprove Server, Monitor, Software, Training and Initial Support Points. You then pay a recurring subscription plan based on a small monthly fee aligned to your specific business usage. Subscription Plans are as follows:-

Monthly Subscription Plans:- Starter Plus Premium
List Prices:
Brokerprove Cloud (complete solution) €135 €250 €395
Brokerprove Office €115 €210 €350
PIBA Member Prices:
Brokerprove Cloud (complete solution) €99 €187 €296
Brokerprove Office €79 €157 €262
Monthly Transactions 600 2,000 4,000
Number of Users 3 5 10
Cloud Storage Capacity 60GB 120GB 220GB
Additional Transactions (each) 22 cent 12 cent 10 cent

All subscription price plans come with a bonus capacity of 1,000 transactions  to be used within the first 3 months of initial subscription,  to allow clients move any backlog of paper based records/documents to be scanned, Digiproved and stored in the cloud.

Additional details on pricing plans and benefits are available on request. Click Here

Partner & Affiliate Pricing

Partner & Affiliate pricing is available to registered members on the members’ area of the web site, these outline discount plans and additional benefits for member organisations.

What training is required?

During installation a short training course is provided, this takes between 30 and 60 minutes depending on the individual’s general PC experience. The Brokerprove manual is a simple guide and reference for users and is self explanatory.

Do I need any special equipment?

No specialist equipment is required apart from the standard pre-configured micro PC provided to you at installation. Depending on the volume of your business activities and your chosen strategy to back scan legacy paper records. Digiprove can advise you on a suitable scanner or scanning service.

What does the Regulator say about Brokerprove?

The regulator does not endorse any specific products or services. We are offering however the highest commercially-available levels of security combined with our unique document authentication and data integrity technology (validated by Georgia Technology Institute of Technology and in use by thousands of users) and we are confident that the solution offers provable compliance.

I already have a filing/record management system. Do I need Brokerprove?

The answer depends on the nature of your current systems. Most filing and record systems, unless very specialist do not have the level of digital content integrity protection that meets the regulatory requirements. That said you may not require Brokerprove which contains both the security elements and file management elements, but you would require Autoprotect from Digiprove which is a simple downloadable application you can set up as a background task to add the Digiprove process to your current applications. This is a more cost effective solution in this scenario. For more information on Digiprove Autoprotect Click Here. If you are in doubt then contact one of our security experts for advice. Don’t worry we won’t try to sell you anything that you do not need.

How do I back up the Brokerprove Folders & Files?

All files & Folders under the management of the Brokerprove solution are automatically backed up, this removes one less concern for a business and provides comfort that you will always be covered for recovering from any data loss or corruption incident. In addition there is a cost saving in that because Back-up is included in your Digiprove subscription you can avoid the cost of your own process and administration or using an on-line back-up solution.

Have you any independent proof that the Brokerprove digital fingerprint will stand up in court?

Prior to the release of Digiprove technology, we commissioned Georgia Institute of Technology to independently assess the Digiprove process. Georgia Tech is the world’s leading authority in the area of Digital Security. Here is a summary of their findings and statement: “The process described in the patent does indeed provide a tamper-proof way to show that digital data has not changed since its timestamp. The process also provides a provision to validate any alteration made after it has been time stamped.” There have been several client, initiated legal events, where Digiprove provided evidence supporting our user claims, these avoided formal court proceedings and related costs because the defendant/infringer accepted the strength of Digiprove technology. Digiprove resolved the situation for our client and kept it out of court which is what it was designed to do.

You demonstrated that Brokerprove documents in the Cloud are encrypted, are the local files encrypted on the local server(s)?

Yes Brokerprove uses industrial strength encryption for all content stored in the cloud, though your local server content is not encrypted, this is something that we can provide you if it is a requirement.

Can I shred my original document once I have scanned it into Brokerprove?

According to the e-Commerce Act 2000, the requirement to keep original records (in the case of brokers for 6 years after a case is closed) can be satisfied by digital copies provided there is a reliable method to show that the data has not been changed.  Digiprove provides this, so we are happy to state that the originals may be shredded once they have been scanned, checked and filed into Brokerprove, and the Digiproving and Backing up has happened (will be within 24 hours depending on how you have configured your system). So once you have confirmed that a printable version of your document is digiproved and stored, you may shred the original. Digiprove advises each broker must make a local policy decision and establish an original document shredding process in the context of their own business.

How does Brokerprove compare with BrokerCRM re Marketing and other data mining?

BrokerCRM is a product specifically for managing aspects of the sales and marketing process relating to client’s and prospects. Brokerprove is a document and file management system which was designed for Brokers and financial advisors, with a unique file management, security and compliance features that do not exist in any other product. Brokerprove can co-exist with BrokerCRM as they each address different business processes.  Brokerprove is useful in marketing in that it can give clients and prospects security and confidence which creates trust in you the supplier that you manage and secure personal digital documents and that stakeholders can do business digitally with you. Brokerprove directly supports the sales process in that you have secure access anywhere, anytime to you filing system with every document relating to your suppliers and customers accessible. Brokerprove has a unique missing compliance document feature. Brokerprove has a strong generic search feature but is not a data analytics/mining tool.

What is the difference between Brokerprove and Doctopia?

Doctopia is a generic Document and file management solution, which has many good features. Brokerprove is a document and file management solution designed specifically for Financial Advisors, what is unique and different is as follows:

  • Brokerprove has a file structure pre-set up with folder and document types specifically designed for Brokers, it reduces the time to process digital documents because of this compared with alternative solutions.
  • Brokerprove has an automatic and unique file naming convention that always ensures every document is uniquely identified and named in an understandable manner, regardless of who is processing the document.
  • Brokerprove inherently understands the compliance requirements of Irish regulators and therefore can identify missing compliance documents rapidly.
  • Brokerprove uses Digiproves’s unique patented process that creates independent traceable assurance as to the provenance, integrity and authenticity of all your documents.
  • Digiprove’s unique patented process also allows any 3rd party (customer, supplier, regulator etc.) verify any document you have supplied on or off line to confirm its provenance, integrity and authenticity – It will identify if any document has been tampered with accidently or maliciously.

1.       Can I access Brokerprove from my iPad?

The Brokerprove filing system can be accessed from most devices over the internet, anywhere, anytime. A PC, Mac, Tablet, IPad etc. can all access the cloud based storage once you have your user ID and password available. Remember only authorised users can see the documents which are encrypted.

2.       I have 3 back office staff that currently do the filing and document processing, do they all need a copy of Brokerprove?

The answer is no, only one instance of Brokerprove is needed for a business, everyone uses the same system and just logs into the single application, this means all staff have a consistent process, approach and filing system enhancing quality and productivity. It removes the risk of different staff members managing documents in different ways and enhances the speed at which required documents can be retrieved and processed. In addition only one subscription is

3.       Will Brokerprove Sync Omnibroker documents to the cloud?

The answer is yes once the document folders are available on your network, one of the advantages of Brokerprove is that apart from the structured filing system (Managed Document Folders) in-built into Brokerprove, you can also create other files and folders, or point Brokerprove to other files and folders you want to include under the management of Brokerprove. This means that they will be secured under the Digiprove patented security process and can be accessed over the internet, anywhere , anytime.

4.       There is an initial set up cost , what do I get for this payment?

There is a once off set up charge for the Brokerprove solution, this is an all-inclusive price for:

  • Supply of a Brokerprove micro server hardware platform
  • All required software components
  • On-site installation & configuration
  • On-site training at time of installation
  • 250 Support Points

 

How quickly can I be up and running with Brokerprove?

We normally allow a max of 4 hours for installation, configuration and training, after that the    system is operational. We recommend that you start the transition by using the system immediately. Because the Brokerprove Solution is simple and intuitive and uses standard windows technology, users ramp to productivity after a few days of use.

7.       Does the Digital Fingerprint part of Brokerprove, highlight an updated or changed document?

        The answer is yes. For every document new or changes managed under Brokerprove a unique digital fingerprint is created and recorded in the audit trail, any change no matter how small (e.g. the addition of a space or full stop) can be identified. There is a simple on-line or off-line function so anyone can verify the provenance, integrity and authenticity of a document. This means if the document has been changed or updated, or maliciously interfered with , it can be quickly confirmed.

You indicated that the ROI (Payback) can be as short as 6 weeks, can you explain this please?

Yes the payback can be as short as 6 weeks for the larger brokerage depending on how ambitious they are in implementing the system and the volume of business they transact. For an average Irish Brokerage our current analysis suggests payback will range between 8 and 12 weeks, after that you are saving money every month.