Risk technology specialist, Omnium, has announced the launch of a standard interface solution for life insurance applications.
The firm says this new functionality, added to its existing OmniLife risk research software, is designed to allow an adviser to apply for life insurance cover with their chosen insurance provider immediately after they undertake their risk research for a client.
According to Omnium, its new service offers a single, standard interface for all retail insurers. It notes the service also offers the ability for adviser/client collaboration on application forms and the capability for advisers to send online forms to their clients for completion.
The new system also offers advisers the ability to automatically send data from a client management system or the OmniLife risk research tool direct to the insurance application form.
There is currently a gap between the systems advisers use and the insurer systems…
While the new service is not a generic application form, which has been attempted without success in the past, it appears to deliver the possibility of an outcome that allows the adviser to populate client information in a standard form that can be downloaded into all retail online applications. In launching this initiative, Omnium’s director, Dr David King, noted “There is currently a gap between the systems advisers use and the insurer systems. What we’ve done is bridge that gap in an innovative way, giving risk advisers much needed efficiency to write faster and easier.”