Midwinter adds insurance comparison module to software
Midwinter Financial Services has added a risk insurance comparison tool to its financial advice desktop software, Reasonable Basis.
The new risk insurance component is integrated into the company’s Needs Analysis module, allowing advisers to progress from needs analysis to insurance premium and feature comparison and the production of a Statement of Advice within minutes.
The insurance component compares 21 retail insurance providers and 107 super insurance providers. It also compares insurance on platform providers and will highlight the consequences of moving insurance policies.
Midwinter general manager of financial planning Andrew McClelland said the software was the first truly compliant insurance comparison software in the industry and will help advisers provide the highest quality risk insurance advice to clients.
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
