Financial advisers will be able to compare retail and industry fund risk insurance after life insurance comparison software provider Omnium announced a major upgrade to its risk research software.
The enhancement will allow advisers using Omnium’s OmniLife software to compare premiums and product features from more than 20 industry fund life insurance products with the software provider creating a model that would allow the comparisons despite the differences between retail and industry fund offerings.
This model will allow advisers to compare features gained and lost when switching to or from an industry fund or retail offering.
Advisers will also be able to make premium comparisons between the two products sets as the enhancement can compare unitised cover amounts typical in industry funds to retail product cover amounts and be able to quote industry product premiums on all available frequencies and show where they are not supported by specific funds.
“…the comparison tool is being offered at a time when more advisers are moving to fee based advice…”
Omnium director David King said the comparison tool is being offered at a time when more advisers are moving to fee based advice and the need to base decisions on whether to retain industry fund insurance requires comprehensive research.
King said the number of industry fund products under comparison would increase according to adviser demand and the number of members in the industry fund.
