Iress has introduced an improvement to its quote and apply software The Exchange, enabling advisers to compare the array of protection products on the market across multiple features.
This enhancement builds on the current pricing comparison capability.
Features is the result of work with the industry to standardise providers’ specific interpretations of protection features and introduce collective definitions that are easier for advisers to understand and compare.
Much of what a product offers is around providing support to the policy holder (and their family) in returning to the workplace.
Iress claims that, through the introduction of Features, advisers will, for the first time, be able to compare a set of 12 additional product benefits and features in a single comparison report. Every income protection provider on The Exchange is live with the service, giving advisers more detailed product information.
Dave Miller, Iress’ executive general manager, commercial, added: “Developing Features has taken a lot of coordinated effort from the whole industry and this effort has proved that we can come together to make advisers’ and customers’ lives easier. Features makes it possible to compare protection products in a way never before possible, enabling advisers to inform their customers better and ensure they understand exactly what they are buying.”
Jennifer Gilchrest, Royal London Group’s protection specialist, said: “It’s great to see Iress adding product features to their service, giving advisers a value focus in addition to the affordability and price information they already use with their clients. The features are clear to understand and could be used to aid an adviser’s selection and recommendation process. We support this initiative in enabling more value-led conversations with clients and recommendations based on quality not just price.”