Michael Kinens

Placing Retail Insurance Through Platfoms

Blog Post created by Michael Kinens Employee on Apr 18, 2016

Technology change is driving the life insurance market in significant ways and these changes have created the opportunity for retail platforms to provide greater choice in their life insurance offerings. Getting personal life insurance through a platform may offer solutions for all personal life insurance planning needs, with the added advantage of client’s having access to taxation benefits and premium discounting while providing streamlined administration and business efficiencies to advisers. XPLAN Risk Researcher is able to assist advisers with the recommendation of retail personal insurance through investment platforms via the Platform Funded Pricing Scheme functionality. Located within the Global Options section of Premium Modelling’s Details screen, advisers can select their preferred investment platform that they wish to place their client’s insurance cover through and have any relevant discounts automatically applied to the premiums of the retail insurance products available through the selected platform.

 

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To obtain a concise premium comparison, if the client platform is for superannuation purposes, ensure that you have the ‘Super-Owned’ risk product type selected (otherwise select ‘Ordinary’).  On the premium results screen, advisers can easily identify the products that are available through their selected platform via the ‘funded by’ notation next to the product name and compare them against each other or against other retail products held outside of the selected platform.

 

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Where the Life Insurer’s integration service allows for it, the platform ownership structure flows through to our Premium Validation and Quote & Apply functionality and any subsequent quote report obtained will contain all the correct details without any further adviser input.

 

Please note that the list of platforms available under the Platform Funded Pricing Scheme is currently not exhaustive of all available platforms in the market. IRESS will continue to grow this list over time with priority being given to requests from advisers subscribed to Risk Researcher.

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