Available as an optional module in Defaqto Engage for additional fee
Fintech firm Defaqto has added CIC Compare, a critical illness (CI) comparison tool, to its end-to-end planning solution Engage.
Using its historical data, Defaqto has scored the main critical illness definitions of policies dating back to 2009, meaning that the service can compare and contrast current products as well as earlier versions and closed plans.
According the firm, it allows advisers to compare policies in ‘under five minutes on a whole of market basis'.
Its scoring methodology, based on input from product pricing experts, focuses on definition quality rather than statistical risk, and scores are allocated on the likelihood of being able to claim for the condition in relation to age and insured population.
Advisers can compare a total of 145 conditions using the service, which automatically includes adviser notes such as detailed policy wordings.
"CIC Compare has been developed to not only save advisers time but also help them to make better informed decisions, recommendations and manage compliance risk," said David Cartwright, head of insight for wealth and protection at Defaqto. "As CIC policies evolve, comparing older policies with new products available becomes even more complicated.
"CIC Compare enables advisers to make better-informed decisions and provide transparent advice by comparing CIC policies easily side-by-side. Ultimately, it reduces complexity, ensuring that advisers' clients end up with the most comprehensive policies with the most fitting wording of CI definitions for their specific needs."
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