A life insurance policy management platform that can download policy data from every active retail life insurance company has been launched in Australia.
Melbourne-based CDM Solutions says it has been operating on a commercial basis for advice practices since August 2022 following an extensive pilot phase over the last eight years – during which all elements associated with life insurance policy data downloads and ongoing policy management functionality were stress tested.
CDM Solutions’ founder and financial adviser, Katriel Warlow-Shill, told Riskinfo he initially began developing a reliable data feed platform solution in order to improve efficiencies and reduce the costs associated with operating his own advice practice, Verdure Financial Planning Solutions.
Following the extended pilot phase, Warlow-Shill says CDM Solutions now offers a service that is unique in the Australian market, which:
- Automatically downloads and updates all life insurance policy data from every active retail insurer every seven days (however, this feature will shortly be provided three times per week)
Adviser and entrepreneur, Katriel Warlow-Shill …started out as a project to improve the efficiency of his own practice and its profitability - Provides up to date information directly from insurance providers of any overdue policy premiums
- Offers an instant production of a completely customised policy schedule saving staff, according to CDM Solutions, between five to 30 minutes of their time per policy renewal
- Has the capacity to fully automate multiple client email notifications such as policy renewals with attached policy schedule, birthday congratulations, overdue premium issues etc
- Offers quotation facilities through a partnership with research firm Omnium which will now provide instant quotations for new business as well as for updated quotations on all in-force policies
With universal and reliable policy data feed services from insurer to advice practice considered to be a ‘Holy Grail’ aspiration by many industry practitioners, this offer is positioned by Warlow-Shill as unique in that he asserts no other life insurance policy management platform has the capacity to reliably download all policy data from all active retail insurers, nor do others automatically update the selection of policy data feeds they do offer.
The CDM Solution platform also offers the ability to integrate with other client management system market offers, says Warlow-Shill, citing Salesforce and Xplan as two platforms with which practising advisers have successfully integrated this life policy management platform.
Customised reporting services for advisers and advice practice team members are now available on the most recent platform version offered to the market, as are more variables when executing quotations for both existing and new business opportunities.
Warlow-Shill says that what started out as a project to improve the efficiency of his own practice and its bottom line profitability has now become a solution he says is generating significant interest and engagement from many advisers and advice businesses across the country.