IRESS has announced an industry first initiative with the launch of a business insurance needs calculator.
The business needs analysis tool is available to advisers using IRESS’s XPLAN IQM+ financial planning software platform.
This initiative reflects growing demand from advisers and the broader business community to ensure appropriate solutions are in place from a business insurance point of view. This growing demand is also borne out in riskinfo’s most recent adviser poll, where over 80% of advisers who responded to the poll said they expected to write higher levels of business insurance in the future.
The business needs analysis tool allows advisers to input information that will determine the risk insurance needs of a partnership or company by identifying their need for:
- Business succession planning
- Personal guarantor protection
- Safeguarding against the financial impact of losing key personnel due to death, injury or sickness
In a two-step process, these outcomes then feed through to the IQM+ recommendation process where appropriate product selections may be made, for all relevant lives of the partnership or company entity.
Commenting on this initiative, IRESS’s Head of Research, Louie Dimovski, said “We recognise that the process of determining appropriate levels of risk cover for business purposes needs to be distinct from those of a personal nature. Providing a business focused needs tool that integrates seamlessly with XPLAN client data will provide further efficiencies to the adviser’s sales and recommendation process.”
A forthcoming IQM+ software update for advisers will contain the new business needs analysis tool, which will also contain a commission rebate facility that will provide the adviser with the ability to model premium comparisons based on a range of reduced commission or nil commission options.
IRESS told riskinfo that advisers can look forward to new and innovative enhancements during 2009 that are designed to bring further efficiencies to the adviser’s service procedures, including the validation of IQM+ premiums against Insurer’s quote systems and a sophisticated tool that will enable the adviser to effortlessly conduct comprehensive product reviews.
