Midwinter Financial Services has added a risk insurance comparison tool to its financial advice desktop software, Reasonable Basis.

The new risk insurance component is integrated into the company’s Needs Analysis module, allowing advisers to progress from needs analysis to insurance premium and feature comparison and the production of a Statement of Advice within minutes.

The insurance component compares 21 retail insurance providers and 107 super insurance providers. It also compares insurance on platform providers and will highlight the consequences of moving insurance policies.

Midwinter general manager of financial planning Andrew McClelland said the software was the first truly compliant insurance comparison software in the industry and will help advisers provide the highest quality risk insurance advice to clients.