Intrinsic has partnered with independent software provider, Defaqto, to develop a comparison service for advisers to compare critical illness policies.
The tool allows Intrinsic advisers to compare new and historic individual and business cover policies. The reports generated include the rating views of experts so advisers and their clients can ensure they are getting the best CI policy for their needs.
Gemma Harle, protection and mortgage managing director at Intrinsic, said: “The market for critical illness policies is continually developing and it can be tricky to ascertain which policies are more favourable for clients without medical expertise.
“With a myriad of things to keep track of, advisers are pushed for time. With the new tool advisers can quickly and confidently compare the differences between complex policies based on the most common causes of UK claims in 2017.
“With oversight from independent experts, advisers and their clients can rest assured that they are getting a policy that suits their needs and time of life.”
Time efficiency is a challenge for advice firms, with 60% (59.9%) saying they find it hard to complete all their tasks in a day, YouGov found. This is compared to a national average across workplaces of 53%.
Zahid Bilgrami, chief executive of Defaqto, added: “We are delighted to have worked closely together with Intrinsic to develop a critical illness comparison (CIC) tool for financial advisers.
“The Defaqto CIC tool helps advisers create suitable outcomes for clients through comparing historic illness definitions of an existing policy with a new one.
“Our clear and robust methodology, designed by Defaqto and industry experts, enables advisers to quickly and easily compare current and historic cover, all documented in a clear audit trail.”