Partners Life Launches Automated Advice Tool For Advisers

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Partners Life has unveiled new tool Evince, an online platform for advisers to help automate part of their advice process.

The new tool was announced at the Partners Life Launch Roadshow held at Skycity last Thursday, where the insurer also revealed a new major branding campaign to address the underinsurance issue in New Zealand (see: Partners Life Tackles Underinsurance…).

Partners Life Managing Director, Naomi Ballantyne

Described as “industry revolutionary technology” by Managing Director, Naomi Ballantyne, Evince aims to save advisers time and increase productivity.

“Advice processes need to change. They need to become simple, transparent and efficient, which is essential for increasing adviser productivity and restoring profitability,” says Ballantyne.

“Advice processes need to change. They need to become simple, transparent and efficient…”

Evince, which took nearly two years to develop, will be available from the beginning of April and financially educates the client while providing them with a visual of their planned future life.

“We’re supporting advisers with Evince so that they can educate consumers to make better decisions with transparent, visual representations of the risks they face,” said Ballantyne.

“We have built a tool that delivers consistency of advice for every individual client based on their specific demographics and their chosen life plans,” she added.

Partners Life GM Distribution Technology, Tim von Dadelszen

Partners Life GM Distribution Technology, Tim von Dadelszen, who led the design of the tool, described Evince as a “visual and interactive” adviser sales tool and presented a demo of the application to those in attendance.

It is designed to be used in front of clients to help them understand their need for insurance and the value of advisers’ professional advice.

The tool is compatible on all devices and can calculate types and levels of cover but is a brand agnostic system.

After client and adviser have proceeded through all the steps in the application, the adviser can generate a PDF report for the recommendation.

Two features in particular received spontaneous applause from advisers in attendance:

  1. The capability of launching the entire package into the Partners Life quote system, should the adviser choose to recommend the insurer
  2. The application being exclusive and free to Partners Life supporting advisers

Ballantyne noted that Evince is owned by a separately formed company Evince Ltd, and that the licence agreement to use the software is between Evince Ltd and the adviser, which in turn prevents the insurer from accessing customers’ personal information.

“It is also the licence agreement that will provide you comfort that we will provide liability for the work of the tool,” said Ballantyne.

However, Evince Ltd will still have access to anonymised, aggregated big data.

“Because that provides us with valuable machine learning to enable the ongoing systems development to respond to the way consumers are responding to the platform,” she explained.

Advisers who intend to use Evince in their business can talk to their Partners Life sales manager for an in-depth demo and the insurer will also provide comprehensive training.