Four dealer groups have begun trials of a new risk platform, the first of its kind, which has been in development for three years.
Sydney-based Straight Through Solutions (STS) is using 40 advisers from Professional Investment Services, AFS, Securitor, and another unnamed group, to test the operating systems over an eight-week period.
STS director Miles Sterrick said: “After the trial, the platform will be officially launched early in the new year.
“We will be undertaking any modifications based on adviser feedback during the trial period.”
At present, PrefSure is the only life company on the platform, but Sterrick said STS had been approached by another eight groups.
“We are looking to add another two life companies to the platform, in addition to PrefSure, before the official launch,” he said.
PrefSure has created a new suite of risk products for the platform that cover traditional areas such as trauma, term, and total and permanent disability (TPD) cover, and income protection.
STS director Peter Ramjan said the products have been tailored to consumer needs, based on research conducted by STS.
He said the company surveyed customers on what they wanted from risk providers, and then approached life companies to create the products.
“This industry tends to talk to the product providers on what the clients want, not the other way around,” he said.
The platform has end-to-end straight-through processing from data collection to underwriting and policy approval.
“The adviser asks the client questions from the online risk profiler and needs analysis, which is used for product selection,” Sterrick said.
“An online application is completed, which is fed to online underwriting, and within 10 to 15 minutes a policy and client record is issued.”
Ramjan said they are also “working with the compliance people at the dealer groups to integrate a SOA [Statement of Advice] into the platform”.
