Buy a New Insurance Policy (Strategy Example)

Buy a New Insurance Policy (Strategy Example)

Please follow below step-by-step instructions for preparing advice for a RISK ONLY - buy new insurance policy strategy.

Step 1) Fact Find data entry

Use Fact Finder to add / confirm your client details prior to starting your Digital Advice Scenario.

Ensure you have proper Date of Birth, Occupation and address for your client and partner (when applicable).  These fields are key in accurate insurance quotes.

Click on the arrows below to view more information on areas to assist with this step.

 Entering Fact Find Data  

Elearning Introductory L-4 (Basic Info) covers the basic data entry.   Next - work down the Fact Find pages to complete your client information. Additional lessons in the Elearning Introductory course will assist you.

 Downloading Reverse Fact Find   

From Client Home, use this Download Icon in the first client information card to quickly produce a Reverse Fact Find for your client.

Accurate Quotes Ensure you have proper Date of Birth, Occupation and address for your client and partner (when applicable).  These fields are key in accurate insurance quotes.

Step 2) Digital Advice - Create Scenario

Go to Digital Advice page from within your client and create your advice scenario.  Select the required Insurance strategy.

Step 3) Insurance Needs Analysis

Confirm, change any values in your clients Needs Analysis.

Needs Analysis is pre-populated with details from Fact Finder, Assets & Liabilities Sections.

To set the default rate of return and funeral expenses, click on Options > Set Defaults.

Further assistance in editing Needs Analysis click here.

To reduce TPD Cover by Income Protection click here.

Step 4) Insurance Quote Screen

Details from the client Fact Finder are displayed in the top left box including the client name, date of birth, occupation, annual income and state.  You can use the pencil to edit these here in need.

Additional Cover Required identified in the Needs Analysis will flow to the Sum Insured fields for the respective covers. The Sum Insured flows to Extension covers or Standalone covers depending on the default (Extension Cover preference) set in either Tools section or RiskLogic Options. 

Existing Policies allows you to select a clients policy to compare against other policies.  You will need to know the provider and date of policy commencement to ensure you are selecting the correct policy to compare.  Ensure you click "Update Quotes" after selecting and existing policy.

Select policies to compare. Click "Compare Products" button (bottom right corner).

After comparing the selected policies, click on the icon of the product you wish to recommend.

Click "Proceed to Recommend" button (bottom right corner).

For further assistance with this screen click here.

Step 5) Recommended Insurance Policy

Click Edit to make any changes to this policy such as owner and cover options.

Click the "Add Reason" button (bottom right corner) to go and add your Justifications for the recommended product (see Step 6). You can bypass and add your reasons directly into your advice document by clicking "Save & Proceed".

For further assistance with this screen click here.

Step 6) Insurance Justifications Screen

Select from existing options or add new ones across Reasons, Benefits, Consequences and Disadvantages. Save.  Confirm and Close.

Step 7) Insurance Summary Screen

From the Summary screen you can review your recommendations, edit (using the three dots menu on the policy card) and add additional insurance policy recommendations for the client and partner (where applicable).

Click the "Add More Strategies" button (bottom right corner) to add additional client insurance policy recommendations.  Client the "Partner Needs" to add partner recommendations.

Step 8) Complete Advice 

Proceed to Disclosure Fees for any Upfront and Ongoing Advice fees before completing the advice scenario.  

Hint: Setting up default settings will save you time. Edit: Edit the advice document whilst you are creating your recommendations with the "Preview" button (top right corner).