Software provider Midwinter has announced a number of updates to its insurance modelling capabilities within its cloud-based AdviceOS software.
The enhancements – which were released in two stages – aim to boost efficiency when generating life insurance advice by changing how policy types and cover are selected, a statement issued by Midwinter said.
According to the statement, advisers are now able to compare the premiums, features, scoring and definitions of all insurance products regardless of policy type or tax structure.
Midwinter managing director Julian Plummer said: “When it came to the insurance modelling section of our software, 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.”
The first phase of the AdviceOS insurance upgrade increases insurance modelling flexibility. Advisers can now select insurance cover combinations across areas such as type and structure. The second phase implements enhanced research data to allow advisers to compare retail and group insurance, the statement said.
“AdviceOS users can compare any product across all structures. The benefit of these enhancements means that advisers can concentrate on modelling the underlying insurance strategy regardless of the structure, or how the insurance is packaged,” said Mr Plummer.
Mr Plummer also indicated that the changes come at a time when advisers are preparing for next year’s Life Insurance Framework (LIF).
“Given the impact these changes are having, the feedback we have been getting is that advisers need even more streamlined insurance modelling software to offset the time it has taken for them to review their business models,” he said.