Midwinter enhances software in light of LIF

16-Dec-2015

By Kristen Crawford

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Midwinter has enhanced its insurance modelling capability within the group’s cloud-based AdviceOS, rolling out further functionality to the service’s users in two phases over the past month.

The enhancements are aimed specifically at boosting the efficiency of life insurance advice generation by changing how the cover and policy types are selected.

In addition to adding a large range of policies within the insurance comparator of AdviceOS, advisers will now be able to compare the premiums, features, scoring and definitions of all insurance products side by side, regardless of policy type or tax structure.

Speaking about the upgrade, Midwinter managing director Julian Plummer said the company embraced feedback from its clients regarding its software offerings to ensure its solutions were always developed with the needs of the end user in mind.

“The majority of advisers we have spoken with over the last few months have been preparing for next year’s Life Insurance Framework (LIF) changes,” Plummer said.

Given the impact the LIF changes were having on the space, the feedback Midwinter had received was that advisers needed even more streamlined insurance modelling software to offset the time it had taken for them to review their business models, he said.

“After garnering valuable feedback from our users, we have been able to build a state-of-the-art life insurance modelling framework, which has opened up a variety of strategy and policy options to advisers and saved them a great deal of time when choosing the right policies for their clients,” he said.

“Obviously the change in adviser remuneration is going to have an impact on adviser profitability, which means a higher focus on efficiency within their advice practices. This means we have had a major push to further decrease the time it takes to produce insurance advice in AdviceOS.”

The benefit of the system’s enhancements meant advisers could concentrate on modelling the underlying insurance strategy regardless of the structure or how the insurance was packaged, he said.

The second phase of the upgrade involved enhanced insurance research data to allow advisers to compare retail and group insurance in the one analysis.

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