Personal Insurance - Automated Product Replacement

When replacing an existing insurance with a newly recommended insurance, a Product Replacement must be completed which explains the Loss/Gains as a result of implementing the Advice.

Using the data provided by our insurance partner Ominum, AdviserLogic is able to fully automate the task of Insurance Product Replacement (though it is advisable to thoroughly check the report as incorrect data entered will affect the outcome).

 

Step 1

Go to AdviserLogic Digital Advice, create your scenario and select "Buy and Replace" under Insurance Strategies

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Step 2

Enter in the details of the proposed insurance cover and select [Update Quote].

Then select your insurance and click [Proceed to Recommend]

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Step 3

It will then ask you map the existing insurance policy

Enter the details to search for existing insurance policy provider.

Note: You can only select one existing insurance for each comparison (eg. You cannot compare an Existing AIA Life Cover + Existing TAL Life Cover + Recommended MetLife Life Cover)

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Step 4

Select the cover types of the existing insurance policy. If the particular cover offers Life/TPD/Trauma and IP, you can select multiple Product Names here.

Once you are done, click Save.

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Step 5

Click [Show Selected]

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Step 6

If the policy is the existing insurance policy you wish to compare, click [Skip & Proceed]

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Step 7

Select the existing policy that is being replaced.

You can also select or add your own Reasons/Benefits/Consequences/Disadvantages here if you wish.

Click [Save Changes] once you are done.

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Step 8

You have now completed the Recommendation of a New Insurance and Insurance Product Replacement. 

If you have another insurance you wish to replace, click [Add More Strategies] and repeat Steps 1 to 7.

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To complete it for the spouse, make the spouse is selected.

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Step 9 

Once completed you can click [Proceed]

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Output generated in Statement of Advice

  • The 1st section details the Products, Cover and Cost.
  • The 2nd section details any Features that have been Lost or Gained.
  • The 3rd section details any additional Reasons/Consequences/Benefits/Disadvantages you wish to add.

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