Omnium adds new products to research tool

Life insurance software provider Omnium has added several industry fund insurance products to its research tool, helping advisers better understand what risk insurance products are available for clients in the market. 

Omnium adds new products to research tool

Scott Hodder

Last Updated: 13 January 2016 Published: 13 January 2016

Advisers using the OmniLife research tool will be able to see the premium and product structures of more than 20 industry fund products, a statement issued by Omnium said.

Despite the differences between retail and industry fund products, Omnium has been able to integrate them into OmniLife where advisers will be able to compare both products in a "like-for-like manner", the firm added.

"Advisers have been asking for this functionality for a while now, and we've taken our time so it can be done properly, so that comparisons between retail and industry are fair," Omnium director David King said.

Mr King added that the addition of industry fund products to OmniLife comes at a time when more advisers are switching to fee-based advice, with decisions to keep clients on industry funds or to recommend them alternatives need to be properly backed by comprehensive research.

The integration of the products comes with a number of benefits, including functionality that allows product features to be compared side by side, showing features gained and lost.

Other benefits include the ability to quote industry product premium rates on a weekly, fortnightly, monthly, quarterly, half-yearly and yearly basis.