"We are providing advisers with the ability to review insurers side by side and evaluate products based on the features they and their clients may find important."
LifeQuote’s insurer comparison service, SmartCompare, is now being made available to all advisers after a trial with Quilter in Q4.
The tool allows advisers to compare insurer product features across term, critical illness, income protection, family income benefit and whole of life, either as a standalone tool or linked to personalised quotes and premiums from the LifeQuote panel.
The tool has been designed to compare fact-based information to assist an adviser in making an informed recommendation, and demonstrate the product justification to the client.
It also includes data from LifeQuote’s own processing experience giving insight into areas such as percentage of clients immediately accepted and the number declined. A filter functionality helps find specific information within the database.
Neil McCarthy, CCO at LifeQuote, commented: “With SmartCompare we are providing advisers with the ability to review insurers side by side and evaluate products based on the features they and their clients may find important.
“We are not trying to add a score or deliver a ranking to products. Used with LifeQuote’s illustration platform it automatically links the product premiums with the insurer features which is key to delivering the right value solution. As a modern online system it has been built to enable advisers to easily share with clients, create reports and produce research evidence when required.”