IRESS and CommInsure have announced the establishment of ‘real time’ insurance premium validation as well as a new data feed service for advisers.
This insurance premium validation service allows advisers to confirm CommInsure premium illustrations generated by IRESS’s adviser software systems and enables the adviser to access a complete client quotation.
Prior to this initiative, advisers have been required to run a separate quotation from the insurer’s own software after they have completed the premium illustrations in their risk research platform. Validating CommInsure’s premium outcome within IRESS’s adviser software removes the need for this extra step.
CommInsure’s Head of Adviser Distribution, Todd Kardash, highlighted the efficiency gains to be achieved by advisers in having access to a single system that could:
- Capture and analyse client’s needs
- Perform quantitative and qualitative analysis on insurance products
- Determine client appropriate recommendations
- Be supplied with a final premium quote
Until now, advisers have had to re-enter client information into our quotation tool … and this is hardly efficient, or practical…
Mr Kardash said “Until now, advisers have had to re-enter client information into our quotation tool to re-confirm the premium presented to their client - and this is hardly efficient, or practical …”
In addition to premium validation, CommInsure and IRESS have released a data feed service that downloads updated in-force client policy details from CommInsure systems into the adviser’s desktop.
Mr Kardash said “Whilst integration between investment managers and the adviser desktop is considered standard functionality these days, the absence of similar integration with insurers has become evident.”
“The CommInsure data feed will allow advisers to receive regular updates of changes to client policy details directly into IRESS’ software applications, avoiding manual updates, and supporting scalable levels of client service and reporting,” said Mr Kardash.
The data feed service addresses adviser sentiment captured in the Investment Trends 2008 Planner Risk and Technology Report (see previous riskinfo article Growing Focus on Risk Advice), which confirmed advisers sought further development and improvement from life insurers and adviser technology in a number of key areas including:
- Data feeds
- Accurate product comparisons
- Pre-populated online applications
Commenting on these initiatives, IRESS General Manager Wealth Management, Andrew Walsh, said “In the current economic climate, advisers are seeking simplicity and efficiency, and are strongly focused on enhancing client relationships. Running multiple systems simply leads to data duplication, increased error rates,and inefficient practices.”
