IWLhas moved to expand its financial advisory software to include a risk insurance tool following the appointment of formerInvestment Data Technologies(IDT) specialist in insurance software Trevor Scriven.
IWL Financial Advisory Solutions general manager Ross Johnston says Scriven’s appointment is part of a strategic decision to develop risk insurance software, which he accepts had been the one element IWL was lacking in being able to offer a full software solution to planners.
“It is the gap that we have in the financial advisory process as we don’t have a tool there, but we need something going forward,” he says.
Johnston says after Scriven starts in mid-January 2004, his job will be to research the market for about three months, after which the group will make a decision about how to proceed with the software.
“It could mean a third party relationship or building a solution ourselves. We are pretty open at this stage,” he says.
Johnston says the group looked around the market for someone who had expertise in the area, and settled on Scriven who had developed IDT’s risk insurance tool, which allows risk research such as policy comparisons.
He says the group presently has a relationship withBOSS Softwareto provide risk insurance research, but that ultimately what is needed is a tool fully integrated with VisiPlan and VisiWeb.
Risk insurance is a crucial part of financial planning process, according to Johnston, and he says financial advisers in the market are looking for a totally integrated financial planning solution.
