A Victorian adviser has launched a new online platform designed to access client data from all retail insurers.
The new system has been developed over a number of years by Melbourne-based adviser and entrepreneur, Katriel Warlow-Shill, who says he was motivated to find a solution – initially for his own advice practice – where he was able to access and update client policy data from all life company administration systems via a single platform.
Warlow-Shill – Principal of Verdure Financial Planning Solutions, told Riskinfo there are a number of platforms in the market which currently have the capacity to deliver client data feeds from a selection of insurers, but there is no system which presently offers client data downloads from all retail life insurers.
He says the platform he has developed, Client Database Management (CDM) Solutions, allows the adviser to access and download client policy data from all established retail insurers. Once the adviser has downloaded the data from each life company, the CDM Solution platform has the capacity to combine all the data and deliver a range of reporting outputs including:
- Summaries of all clients holding particular policy types:
- Death cover
- TPD
- Trauma
- income protection
- Clients with a birth date next month, or any month of the year
- Clients with a policy anniversary date next month, or any other month of the year
The platform also provides business reports across individual or all product providers, including:
- Total sums insured
- Total in-force premiums
- Total number of in-force policies and clients
- Total sums insured and premiums in-force for any particular range of products
…the ability to combine …data from multiple life companies into a single management and reporting system has led to meaningful efficiency gains
Warlow-Shill, who also created the ADVSR commissions management and compliance system, says the ability to combine all his clients’ data from multiple life companies into a single management and reporting system has led to meaningful efficiency gains within his business, which has enabled him to increase his capacity to grow his business volumes and the number of clients he is able to service, while at the same time reducing the time and costs to his business associated with maintaining and running multiple data feeds.
He told Riskinfo the CDM Solutions platform has evolved to the point where it is now being used by around 100 advisers around the country. While the platform has been provided to these advisers at minimal cost as the package has been refined, Warlow-Shill says he is in the process of releasing an annual subscription offer for the service as he rolls it out to the broader Australian adviser community.
While he says the package holds value for advisers and advice businesses as a stand-alone service today, he is also in discussions with risk research and client management system providers regarding the potential for CDM Solutions to interface or link with these existing systems which are currently utilised by advice businesses to manage their client data.
Data feeds into the CDM Solutions platform are available for advisers whose clients hold policies with:
- AIA Australia
- AMP Life
- Asteron Life
- BT
- ClearView
- CommInsure
- MLC Life Insurance
- OnePath
- TAL
- Zurich
