AstuteWheel has today launched its latest fintech solution, Astute Insurance Planner, which enables advisers to provide better risk advice more efficiently.
The solution, which reduces the time taken to prepare risk advice to about an hour integrates three FinTech software systems to provide one seamless solution.
It includes an online mini fact-find and risk needs analysis calculator, created by AstuteWheel; a risk research and quoting tool, which is an integrated OmniLife App; and a Workflow, Statement of Advice wizard and CRM provided in Seido. Seido is an integration hub designed by YTML to solve the connectivity challenges advice businesses face when delivering advice.
Hans Egger, Managing Director of AstuteWheel, said, “It can sometimes take advisers up to three weeks between meeting with a client, preparing the SOA and presenting the advice. We created a solution to take advantage of system, process and integration efficiencies to drastically reduce the time and effort required.”
Mr Egger said there is no value in completing a fact find with the client in the meeting. “We have found that clients are happy to provide this information and complete our mini fact find online before the meeting.”
The data supplied prior to the meeting can pre-populate the risk needs analysis calculator and feed into a CRM via an API if required. “The first meeting can then be an informative and educational session where the adviser and the client work together to determine the types and levels of insurance required,” Mr Egger said. “This is where the adviser adds value.”
Using Astute’s risk needs analysis calculator, the adviser leads the discussion by asking questions and the client decides if they want the insurance to cover certain areas or not. The client also decides on the amount they want covered. “Our process ensures that the insurance amounts are understood by the client and are determined by them in the needs analysis process.”
Mr Egger said the future of insurance advice lies in the client being educated and owning the decisions they make around their insurances. “The solution allows clients to see, in real time, the difference their insurance will make and how it comes together to protect their wealth and interests,” he said.
The solution also helps with compliance and enhances transparency. “Our solution keeps comprehensive file notes capturing the decisions made by the client and the insurance amounts that they determined,” Mr Egger said. “The integrated OmniLife risk research and quoting tool app shows side-by-side comparisons for new product options and alternatives for replacing insurances if required. The client can then see it and approve it immediately or request amendments.”
In terms of changing regulation and legislation, Mr Egger said the solution will adapt to ensure advisers are keeping up with changes. “The solution can be adapted very quickly to regulatory changes and legislation, and can implement any changes in bulk for clients. It’s also really reducing the cost of providing advice and giving advisers more time to focus on strategy, not paperwork.”
The integration with Omnilfe and YTML’s Seido has been very successful and AstuteWheel is now looking forward to integrating with more CRMs.