iPipeline has partnered with Protection Guru to launch a service that enables advisers to compare protection products on quality as well as price.
The service lets advisers create a “product features report” via iPipeline’s protection sourcing tool SolutionBuilder.
The report can be used for income protection, level term life insurance, decreasing term life insurance, critical illness cover and business protection
It compares up to five products at one time and supports a maximum of 10 features per comparison, such as GP access, counselling, fracture cover and second medical opinion services.
It is available for joint lives on a single benefit basis only.
Feature ratings are provided via Protection Guru, including a detailed analysis of policy conditions conducted by an independent panel of medical practitioners.
The report shows each product feature with a score and a colour-coded bar so an adviser can quickly see which policy best supports each feature.
Paul Yates, product strategy director at iPipeline, said although more choice is generally positive, it can be hard to know how to make the right purchase.
“We are seeing this in the protection world with the plethora of different features available with each product,” he added. “Up to now, it has been a chore for advisers to compare and document, on a like for like basis the quality of each product feature.”
Ian McKenna, founder of Protection Guru, pointed out that since the introduction of the Insurance Distribution Directive in October 2018, anyone offering life insurance has had a regulatory obligation to consider the overall suitability of protection products rather than just give a price comparison.
“Not only does the new iPipeline service provide a single solution that addresses suitability considering price and quality, but it is also the only such service to include an independent panel of medical practitioners as part of the process for critical illness cover,” he said.
iPipeline was supported by Aviva, Legal & General and Royal London in the development of the tool.