Research and technology group IRESS Wealth Management Solutions has announced the latest enhancements to its AppCentral online application platform.
The key enhancement has been the integration of AppCentral with IRESS’s risk research comparator system, Xplan IQM+.
According to IRESS, this integration has the effect of “…providing a much more fluid recommendation/application process to the adviser…”
IRESS says that advisers using AppCentral in conjunction with IQM+ “…will have the seamless ability to transfer across (into AppCentral) key application information such as recommended products, sum insured amounts, existing policies held, income and occupational data, and much more.”
“The clear message that we are receiving from financial advisers is that integrated practice solutions are key to enhancing their advice efficiencies”, said IRESS Insurance Product Manager Cameron McPherson, who added: “Pairing AppCentral with IRESS Research and SoA functions will dramatically reduce the time required for an adviser to go from initial recommendation to new business proposal, and will steamline client interractions.”
Commenting on the integration development, IRESS Research Manager, Louie Dimovski, said “AppCentral is an invaluable add-on module that complements our Xplan IQM+ system very well. We see this latest development work as another significant step towards our goal of providing an ‘all-in-one’ platform designed to provide all of the tools that advisers need to write risk insurance business efficiently and effortlessly.”
At present, AppCentral is fully operational for retail insurance proposals for Zurich and Asteron, and IRESS reports it is holding implementation discussions with a number of other insurers.
IRESS advises other enhancements released in the latest version of AppCentral (within Xplan version 1.29) include:
- Extension of applications for ING to include medical history questionnaires, as defined in their paper-based application form
- An overhaul to the summary/implementation screen allowing users to implement single policies with insurers and greater control over reviewing in-progress applications
- The inclusion of an adviser notes section, providing the adviser with greater control over special conditions notifications to insurers
- The ability to copy across level one medical history details from one insurer to another
Although the issues discussed and highlighted in the article are valid, one problem I see is that there are no Risk only advisers on the panel. Why? The article states that this panel was to “consider the issues of the day as they look ahead to the future of financial advice and the industrial, regulatory and consumer worlds in which financial advisers will deliver their services.” How can we consider the future of Life Insurance when the only person who understands, i.e. the adviser, is not being consulted?
Secondly, and I do not mean any disrespect to MLC, Riskinfo or the members of the panel, but the message still doesn’t seem to be getting through. The only way there will be any future for retail life insurance in Australia is when LIF is amended – reinstate commissions, get rid of this evil 2 year clawback and take into account advisers’ existing qualifications and experience when determining future qualifications. Until these issues are addressed, then such a panel is a non-event. The priority is to fix LIF, then look at ways to improve systems.
Same old boys in the pit, what new ideas do any of them have?
Engineering the way forward includes a new build with Architecture.
Reference points of FPA & AFA are a bad start point as they are polluted as well.
There is intelligent life outside the dealerships and associations.
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