UK-based specialist research consultancy, the Finance & Technology Research Centre (F&TRC), has agreed a deal with Paradigm, a UK financial adviser support business, to build the first bespoke version of its Quality Analyser tool.

The initial stage will see Quality Analyser for Protection tailored for the advisers of Paradigm Protect.

Paradigm’s bespoke version, Quality Analyser ‘Express’, will enable advisers to run a qualitative comparison of protection products in less than 10 clicks, producing a compliant report highlighting the insurers that best match their clients’ needs.

In building the bespoke Quality Analyser ‘Express’ tool, F&TRC has worked with Paradigm to identify the product features that are most important to consumers based on their personal circumstances at different stages of their lives and taking into account a range of other considerations, such as marital status and dependants.

Detailed comparison

This will enable advisers to generate quickly a detailed comparison of qualitative features, which they can use side by side with price comparisons to recommend the contract that represents the best value rather than just the cheapest.

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This will produce a detailed report in seconds that the adviser can further personalise to take into account any special circumstances.

The tool will be rolled out to all Paradigm members in due course at no cost to each individual member.

Mike Allison, head of Paradigm Protect, said:The comprehensive reports generated deliver a valuable audit trail and justification of the advice given and helps advisers ensure that their business submissions are always fully compliant and well documented.”

Commenting on the deal, Ian McKenna, Director of F&TRC and a member of Life Insurance International’s editorial advisory board, said it is widely recognised that protection should be about more than just price.

McKenna said: “Quality Analyser was designed to help advisers make recommendation about which contracts offered best value. The challenge has been to find a way to be able to create such analysis quickly when there can be a limited amount of time to talk to about protection needs.”

Addressing the protection gap

He added: “We believe this will help advisers give better protection advice in a timely fashion and help address the protection gap.”

 

F&TRC product ratings

In a separate development, F&TRC has announced its 2016 product ratings for life protection, mortgage protection and family income benefit to help advisers understand which providers are offering the most suitable and comprehensive protection products and assist them with their client recommendations.

Each provider has been awarded either a gold, silver or bronze medal for both their overall proposition as well as in several important underlying categories. These categories, and the metrics used to assess the providers, were selected after consultation with a range of independent experts and adviser firms.

Commenting on the new ratings, Carlos Thibaut CEO of software developers 360 Dotnet, said: “Independent research that can provide a quick and easy way to compare insurer propositions should be welcomed by advisers.”

McKenna said: “We have consulted extensively with advisers over an extended period to understand the features they see as most important in different contracts. This has enabled us to create a robust, objective and comprehensive methodology to ascertain which providers excel overall, as well as in a range of sub-categories.”

The overall awards in the F&TRC ratings are:

 

Life Protection

  • GOLD: AIG, Friends Life, Royal London
  • SILVER: Aviva, LV=, VitalityLife
  • BRONZE: AEGON, Legal & General, Zurich

 

Mortgage Protection

  • GOLD: AIG, Aviva, LV=, Royal London
  • SILVER: Friends Life, VitalityLife
  • BRONZE: AEGON, Legal & General, Zurich

 

Family Income Benefit

  • GOLD: AIG, Friends Life, Royal London
  • SILVER: Aviva, Legal & General, LV=, VitalityLife Comprehensive
  • BRONZE: AEGON, VitalityLife Essentials

 

Paradigm Protect was launched in 2014 as a protection proposition for advisory firms. It provides marketing material such as sales aids, and technology support, quotations as well as compliance.