The tool, available free, covers over 40 different elements of an individual protection product (including Conversion Options, Guaranteed Insurability, Plan Options, Critical Illness definitions – both ABI and non-ABI, Permanent Disability) and allows advisers to create detailed reports.
F&TRC has worked in collaboration with the Personal Finance Society (PFS) and the Chartered Insurance Institute (CII) who have accredited the Quality Analyser for Protection to make available a library of CPD.
Ian McKenna, managing director of F&TRC, said: “Providing advisers with tools to compare the quality of products and match them to client needs, together with accredited training content should complement advisers existing capabilities to help them deliver the best possible outcomes to consumers.
“The process is iterative so advisers are able to search and then tweak the conditions of that search, offering a deeper analysis.”
F&TRC also said the tool allows advisers to prioritise and weight different features and then create a detailed analysis of the relevant product with a client facing report.
F&TRC confirmed it is in talks with “a number of adviser comparison engines” and that the system is likely to be white labelled
McKenna said: “There are already plenty of comparison engines in the market, another won’t help. What we need is a step up in the comparison of quality to move the market forward.”
The adviser also has the option to include the insurer’s precise policy wordings as part of the client report.
F&TRC is in the build stages of a group version of the service.
The product’s protection training allows advisers to choose to receive notifications of the availability of new training content on a weekly basis helping them schedule regular activity
The Personal Finance Society and Society of Mortgage Professionals will be promoting Quality Analyser to help its members choose suitable protection for clients.
Keith Richards, chief executive of the Personal Finance Society and Society of Mortgage Professionals, said: “The learning aspect is important. It is worth remembering that in the heirarchy of consumer financial needs protection is one of the first.
“We are keen to highlight to the adviser profession, including mortgage advisers, that if we end up with a client who is uninsured then that is a failure of the adviser.”
F&TRC will be presenting on how Quality Analyser can help advisers support protection advice at the PFS’s six Protection and Mortgage roadshows during June.
