Coin adds risk module to software solution
Advisers will soon be able to access risk products through Coin’s financial planning software solution.
The company has added a risk insurance module to the 2.5 version of the software.
Called Inc, the module will enable the planner to undertake a detailed needs analysis to accurately assess and calculate a client’s current and future income, as well as their lump sum requirements.
This needs analysis is then reviewed against death, term and permanent disability (TPD), trauma or income protection products to match the best suited cover for particular client requirements.
The detailed qualitative and quantitative assessment, using Rice Walker’s rating methodology, gives the planner access to 14 major and specialist life companies and more than 100 individual and group products.
Premiums for the products are calculated and projected for more than 15 years.
Coin Software managing director Tony Graham said the company started working on adding risk to the software in October 2005, and the rollout next month was on time according to the original schedule.
“We plan to roll out Inc to our existing client base during the next nine months,” he said.
“We have spent a lot of time talking to current and new clients to understand what risk solutions they want to meet the needs of their businesses.”
Adding the risk module makes the Coin offering a single point-of-call financial planning software, Graham said.
“The risk module data is shared seamlessly through Coin Office, and its toolset empowers planners to research existing and recommended products and detail their advice with a risk-only or comprehensive Statement of Advice,” he said.
“We are now able to offer a fully integrated, best-of-breed financial planning software that can support both risk and investment planning needs.”
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