Partners Life says its new online platform for advisers, Evince, has received a positive response from advisers who have experienced the demonstration so far.
The insurer reported it has carried out 200 demos of the tool to advisers since it launched at the Partners Life Roadshow on 28 February (see: Partners Life Launches Automated Advice Tool For Advisers…).
From early April, interested advisers can receive in-depth training to become accredited to use the new tool, likely via a case-study approach.
Partners Life Senior Manager Adviser Distribution, Leighton Langley, said of those that have seen the demo, 96 percent are interested in using the tool (81 percent are very/highly interested, 16 percent are interested).
“So people can see there’s a need for this,” he said, adding their field testing in the market place has also been positive, with advisers reporting good conversations with the clients because the tool raises questions that are often avoided by customers.
The first part of the tool is a questionnaire that builds a profile snapshot of the client, which the client can also fill out on their own prior to meeting with their adviser.
Once the required information is entered, Evince generates a visual of the client’s current financial situation and modifies the picture through scenario-based analysis, such as if a partner were to pass away or become ill and how it would impact their financial situation.
The client is then prompted with questions asking what course of action they would take in this scenario, such as stopping work or selling assets.
The graph can then generate how their ideal insurance cover will cover the shortfall in their finances and the estimated premium costs, which can then be modified if the client decides it is too costly or not enough cover.
Advisers can add file notes along any of the steps and at the end generate a pdf to include with their recommendation.
Langley said they are constantly making minor tweaks to the platform as they receive feedback from the demonstrations.
They estimate it takes about 45 minutes to progress through the platform from start to finish with a client.