The Finance & Technology Research Centre (F&TRC) has launched a tool for advisers, the Quality Analyser Research and Panel Selection comparison service for protection.
The new comparison service includes product and research information for life, critical illness, income protection and mortgage protection.
Product features which can be compared using the comparison service include: policy conditions; added benefits; exclusions; claims;underwriting; e-new business processes; integration with CMS; remuneration and charging structures; tracking facilities; and underwriting services.
Bespoke arrangements between insurers and adviser firms can also be taken into account.
Insurers included within the comparison function include:
• Ageas Protect
• Bright Grey
• Friends Life
• Legal & General
• Scottish Provident
The service is aimed at head office compliance departments for larger adviser firms as well as networks and adviser firms looking to compare insurers for their panel selection.
Ian McKenna, managing director of F&TRC, said: "There is an enormous amount of duplicated effort currently being carried out by both adviser and provider firms. Many large distributor firms carry out product and provider research at head office level, which is costly both for the adviser firm as well as the insurer.
"This new tool provides easy access to a vast amount of data enabling them to see easily what providers do and do not offer within their propositions, while also cutting a huge chunk of cost from the process - for both advisers and providers."
McKenna also said: "The system is also suitable for panel selection decisions for networks and large adviser firms.
"Companies can select the providers they want to compare, then select the features they want to compare against and immediately see a data table with all appropriate answers and information covering both product and operational issues, including the ability to cover any bespoke arrangements."
Peter Fairweather, head of customer services at Origen, said: "This new tool provides advisers with easy access to a vast amount of data enabling them to see easily what providers do and do not offer within their propositions."