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Fintech Offers Advisers One Hour Risk SoA

Advisers will be able to produce a life insurance Statement of Advice (SoA) in around an hour, according to fintech provide AstuteWheel, which has launched a new digital life insurance advice tool.

Astute Wheel Managing Director, Hans Egger

The tool, Astute Insurance Planner, incorporates an online fact find and risk needs analysis calculator, created by AstuteWheel as well as a risk research and quoting tool provided by OmniLife and a workflow, SoA wizard and client management tool provided designed by YTML.

AstutueWheel Managing Director, Hans Egger said an adviser’s time using the tool could be reduced to around one hour with much of the work automated by the tool which initially requests clients to enter key information, and then pre-populates the risk needs analysis calculator, and feeds information into the client management tool.

“The first meeting can then be an informative and educational session where the adviser and the client work together to determine the types and levels of insurance required,” Egger said.

This meeting would take around 30-40 minutes and based off the risk needs analysis calculator, and the data already supplied by the client, would allow an adviser to help a client decide what level and type of insurance cover they require, before using the OmniLife research and quoting tool to find appropriate products, and obtain comparisons and quotes.

Egger said there was no value in completing a fact find with a client in a meeting and advisers were able to add more value in their first meeting by already having that information to hand, adding, “We have found that clients are happy to provide this information and complete our mini fact find online before the meeting.”

“It can sometimes take advisers up to three weeks between meeting with a client, preparing the SoA and presenting the advice. We created a solution to take advantage of system, process and integration efficiencies to drastically reduce the time and effort required,” Egger said, adding that once a product was selected a 12 page SoA, including the basis for the advice, was created in 10 minutes.

Egger said the tool allowed clients to see any changes they wanted to make to their level of cover, their premium costs and level of protection in real time on the adviser’s desktop before committing to purchasing a policy and provided a compliance trail for advisers.

“The integrated OmniLife risk research and quoting tool app shows side-by-side comparisons for new product options and alternatives for replacing insurances if required. The client can then see it and approve it immediately or request amendments,” he said, adding, “Our solution keeps comprehensive file notes capturing the decisions made by the client and the insurance amounts that they determined”.

“The solution can be adapted very quickly to regulatory changes and legislation, and can implement any changes in bulk for clients. It’s also really reducing the cost of providing advice and giving advisers more time to focus on strategy, not paperwork.”

Egger said the tool would be offered on a subscription basis to advisers at $440 per month “…which is less than the cost of two paraplanner created SoAs per month”, and volume discounts would apply for licensees.