Web service to fill out GPS
PlanTech is adding the final touches to a web-based service that will automatically populate the Generic Personal Statement (GPS), a document that standardises the way information is sent to insurers, with existing client information.
PlanTech Consulting Group chief executive officer Tony Smith said the service, called AppCentral, would allow advisers to complete life insurance applications for their clients and submit the information electronically to any of the 11 life insurance companies that accept proposal for life protection cover in the GPS format.
The GPS, which was introduced in October 2005, was developed by the financial planning industry for risk advisers. It standardises the way client information is submitted to insurers and replaces all the health, occupation and activities questions that are normally included in an insurer’s application form.
The document was created to streamline the underwriting process by ensuring clients are only required to complete one personal information form when applying for cover, but was previously only available as a form for download from a website, www.thegps.com.au.
Smith said the GPS through AppCentral would be integrated into PlanTech’s CRM, Research and Planning modules.
“For advisers, it will result in faster processing of applications for their clients and an estimated reduction of 75 per cent in the time taken to complete applications.”
He said underwriters would also benefit from receiving complete, valid and legible applications containing fewer errors.
Smith said the system catered for multiple lives as well as the requirements of numerous underwriters for each life insured, and allowed lump sum business to be placed with one company and income protection with another for each insured client.
He said PlanTech was also well underway with developing a provision for underwriting to be built into the system.
According to the founders of the GPS initiative, only AMP has yet to confirm its acceptance of the GPS form.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
