Omnium users benefit from faster risk process


By Kristen Crawford

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Risk technology specialist Omnium has received positive feedback following the development of an application form solution that complements its main risk research solution, OmniLife.

The application, which went live earlier this month, has allowed advisers to apply for risk cover straight after they performed risk research and comparisons for a client, “a process which was previously quite convoluted,” Omnium product manager Trishanth Chandrahasan told financialobserver.

“The application now provides advisers the most fluid risk-writing experience in the software market,” Chandrahasan said.

The system has come at a time risk advisers were seeking solutions to make their work processes quicker and more cost-effective amid regulatory changes to their commissions, he said.

It comprised a single standard interface for all insurers, the ability to collaborate on application forms live with clients, online form functionality that allowed clients to fill in their details in their own time, and the ability to send information from one insurer to another.

Additional integration capabilities enabled advisers to automatically send client data from their client management system straight to the application form, a sought-after feature, according to recent Investment Trends findings.

The group’s “May 2015 Planner Technology Report”, which reviewed the technology needs of 892 advisers, showed 43 per cent were willing to use more expensive platforms and planning software systems to meet their integration needs.

“There is currently a gap between the systems advisers use and the insurer systems,” Omnium director David King said.

“What we’ve done is bridge that gap in an innovative way, giving risk advisers much-needed efficiency to write risk faster and easier.”

Meanwhile, Chandrahasan said feedback from advisers showed they most valued the capability to share documents with clients.

“Omnium currently supports e-signatures also,” he said, pointing to another feature that streamlined the back and forth process for advisers trying to write risk.

Moreover, Chandrahasan said the group was looking to launch a robo-advice tool early next year that, based on profiling, would help select a risk solution for clients.

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