Smart data platform for IFAs and wealth managers dealing with protection sales
Adviser protection platform LifeQuote is combining with Anorak to integrate data science technology into its quote and application services, it was announced at COVER Protection and Tech Forum today.
By utilising Anorak's data models, customer profiling tools and policy scoring to determine customers' needs, LifeQuote will match customers with solutions and provide advice all within a singularly packaged format.
It is hoped that the new partnership will open up protection business for advisers not currently selling protection products, as it will create highly personalised recommendations within a multi-channel approach.
The new service will be available from early Q4 as part of LifeQuote's existing specialist protection service.
"By partnering with LifeQuote we can help address and reduce the protection gap in the market," said David Vanek, CEO and founder of Anorak. "Our technology supports advisers who can see a client need but are no longer comfortable providing compliant advice. As IFAs and wealth managers play a pivotal role in many peoples' general financial planning, it is incredibly important that protection is also included and that our system can support this."
Quote and application
LifeQuote's quote and application services enable the products to be priced and applications collected either online or via their specialist call centre, before their service team manage the pipeline through to ongoing risk and payment of commission within a single journey regardless of insurer.
The modular service supports both whole of market and panel options with the full range of protection products, enabling users to access elements of it as tools to supplement or support their own analysis.
In addition, parameterisation enables networks and compliance managers to implement their own rules and text within the service, ensuring uniformity, and to support auditing and management oversight.
"LifeQuote's mantra is about ‘making life simple' and what could be more so than generating advice for those advisers without the time to service that need themselves," said Rob Quayle, managing director of LifeQuote. "This way we shall strengthen the adviser's relationship with their client in the same way that cash flow modelling evidences financial planning. By joining forces with Anorak we combine their impressive data analysis and presentation skills with our own services to create something new which sits alongside our advised protection services and our D2C quote and apply suite"
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