IRESS extends risk research system
IRESS Market Technology has extended its risk research system IQM+ to allow advisers to determine affordable personal insurance coverage.
The extension, the Cover Availability module, allows advisers to review estimated cover amounts based on the client’s personal circumstances and specify what premium amount their client can afford or wants to spend on risk insurance to determine the level of cover available from each insurer under both a stepped and level premium structure.
IRESS research manager Louie Dimovski said: “Our new cover estimate feature is a powerful aid advisers can use to show clients that, even with a limited budget, they too can purchase a reasonable amount of cover for an insurance policy that will meet their fundamental needs.”
A medical underwriting limits tool advisers can use to generate dynamic medical underwriting requirements specific to each client has also been added to IQM+. The information can be used at a ‘product-by-product’ level or ‘side-by-side’ for each risk insurance package.
Dimovski said considering medical underwriting was as important as the cost of premiums or policy content in recommending a product.
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