AdviserSoftware.com this week:

Monday’s insight looked at Synaptic Modeller and its capabilities for assessing client risk and suitability tools.  

On Tuesday we examined Time4Advice’s Portfolio Manager and its portfolio rebalancing resources. Given the company was acquired by Transact owner Integrafin at the beginning of the year, anything they are delivering has additional relevance to the platform market. 

360 Dotnet’s practice management system came under the spotlight on Wednesday.  This is a system that has achieved significant attention in the mortgage market over the last few years and is well worth understanding. 

It was the turn of UnderwriteMe on Thursday when we analysed their quote and apply portal. Where insurers have fully embraced all the company can offer this proposition can deliver powerful “by now” prices, however there are some very notable absentees from the service. 

Can I also highlight The Openwork Partnership graduate podcast this week where I was delighted to join Mike Morrow their chief commercial officer and two exceptional graduates, Max Pascazio and Nada Darbani, exploring the merits of automated advice. 

Anyone considering building a hybrid advice proposition should find half an hour listening to this very useful. 

Graduate podcast – Robo and Automated Advice Processes

The next Investment Forum meeting will take place on Tuesday 23rd November at 11am.  This session will explore some really exciting developments in advice technology from elsewhere in the world.

The discussion will centre around advances in investment service advice being delivered in the US and Australia using advice tech:  

  • It will feature a look at one of the most exciting new financial technology systems in the world from InterGen Data which recently won third place at the UBS Future of Finance 2021 challenge. 
  • Also, Finocomp from Australia will explain what they are trying to achieve with their Cobalt CGT calculation tool, MPM model portfolio management service for financial advisers and DFMs and their Insight Portfolio Performance tool. 

Advisers can register for a complimentary ticket to attend the event via this link.  

Over on our Protection Guru site :

Our first new analysis this week saw Amanda Newman Smith analyse how insurers compare for waived deferred periods for linked income protection claims.   

The learning objectives for this study are to help advisers understand:  

  • What ‘linked claims’ are and how they help clients who need to claim again on income protection plans shortly after a return to work 
  • The differences in the ways providers support linked claims
  • How the claims process differs if the same injury recurs after a considerable time or if the second claim is unrelated to the first

Tuesday’s insight from Amanda examined how providers compare when communicating with clients and advisers during claims. By reading this study advisers will gain clarity on:  

  • How providers support clients and advisers during the claims process
  • What events trigger a claims progress update, how insurers communicate and processes to keep advisers up to date on directly notified claims
  • How providers differ in their call centre hours and their approach to client feedback on their claims experience

On Wednesday we updated Vitality Life’s Showcase Page, highlighting the unique and key strengths of their protection proposition. This follows on from last week’s analysis by Rob of Vitality’s Optimiser product on which we have had some tremendous feedback.  

Vitality products do offer some outstanding benefits, but they are not simple and our showcase page is designed to help advisers really recognise the differences that come from this highly innovative insurer. For clients wanting a really high-quality product we think Vitality should always be considered. Spending a short amount of time reading the showcase page should help an adviser understand what makes their products really stand out.  

Also on Wednesday Rob Harvey investigated how clients can get a health MOT through their protection policies.    

Thursday brought the second instalment of the debate from our October Protection Forum, with some excellent views being shared by among others Vita’s Paul Reed, Ian Sawyer from Assured Futures, and Andy Walton from Mortgage Advice Bureau exploring value-added services and how clients perceive them. These offerings have become an increasingly important part of many protection products and it’s really worth hearing how experts from the advice industry see them.  

Our second insight of the day provided information on the cover available through critical illness plans for accidents and hospitalisation. Again, some valuable learning objectives are addressed in this study specifically:  

  • Which insurers provide cover for accidental hospitalisation on their critical illness plans
  • How much those insurers will pay-out
  • What restrictions or limitations insurers impose on their accidental hospitalisation benefit?

Anyone in the protection market will probably find the analysis our sister site AdviserSoftware.com published on Thursday of the UnderwriteMe quote and apply portal well worth a read.   

We bought the week to a close with an insight which pulled together four insights you should read about income protection for business owners.  

Our next Protection Forum meeting will be held on Tuesday 9th November at 11am. The agenda will focus on:    

  • How should insurers best share information on protection products with consumers and prepare for both the Department for Business Industry and Strategy’s Smart Data initiative and the FCA’s requirements on Open Finance 
  • Recovering from COVID, when can the industry expect to return to pre-COVID new business methods 
  • Which previous processes will return? 
  • Have some things changed permanently? 
  • Are some COVID inspired changes are worth keeping, of so what? 

Advisers can register to attend the event free of charge via this link.    

In case you missed any of our analyses last week you can find all our studies from October 25th to 29th via this link.   

On Benefits Guru on Tuesday Kat Mitchell examined which providers make what information available in respect of electronic transfer history.    

Whilst on Thursday Kat produced an insight on understanding payroll support and frequencies.   

Careful around those fireworks but have a great weekend everyone.