Protection specialist CIExpert has released a free upgrade to its critical illness product comparison and analysis tool which it says will offer users an even more ‘personalised’ and ‘predictive’ service.
The Personalised Predictive Analysis tool (PPA) now takes into account the client’s “exact family situation” and uses information to assess the likelihood of a future claim and payment level. The collated information is then used to interpret the value of a plan, taking into account every condition included.
CIExpert founder Alan Lakey said: “While user feedback has always been positive, we decided that to combat the growing complexity of plans we needed to advance to another level of precision together with new tools to make it even easier for advisers to interpret the value for their clients.”
Lakey said it has “never been so difficult” to compare the values of competing CI plans, especially when attempting to compare them with historic plans.
He said: “There are over 140 conditions in use and more are being added at a steady rate. No two insurers agree on which conditions should be included and neither do they agree on which claim wording to use.
“Advisers want a speedy and simple to use tool which compares every condition using past incidence to assess the values. They also need to produce a personalised report, which explains the rationale behind the recommendation and provides a solid compliance back-up. Over the past few months the new system has been piloted by a number of specialist protection firms.”
David Mead, joint head of protection at St James’s Place Protection Planning, said his adviser team has just completed a pilot period with the advanced version of CIExpert and he has “nothing but good things to say about it”.
Mead said: “The breakdown of conditions covered is easier to read, it helps make the client report more bespoke, it’s more user friendly and the video tutorials are also really useful for new advisers. We’ve been CIExpert users for several years now and can’t imagine how anyone could provide CI advice without this amazing tool at their fingertips. CIExpert forms an integral part of our advice process.”