iPipeline has partnered with Protection Guru to unveil a ‘market-changing’ service that allows advisers to compare products on quality as well as price.
The new service allows advisers to create a product features report via SolutionBuilder, iPipeline’s protection sourcing tool.
The report can be used for income protection, level-term life insurance and critical illness cover as well as decreasing term life insurance and business protection.
It also compares up to five products at one time and is available for Joint Lives on a single benefit basis only.
The report shows each product feature with a score and a colour-coded bar so an adviser can understand which policy best supports each feature.
iPipeline has also been supported by Aviva, Legal & General and Royal London in the development of the new tool.
Paul Yates, product strategy director at iPipeline, said: “As consumers we are increasingly bombarded with choices.
“While this is generally positive, it can make life more complicated as 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.
“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.
“This is why we have partnered with Protection Guru to make the quality conversation easier, as a core part of SolutionBuilder.
“Our new product features report allows advisers to compare product features on quality as well as price at the right moment in their journey.
“Our aim is to make the process simple for advisers and to help their clients get the best possible outcome.”
Ian McKenna, founder of Protection Guru, added: “Since the introduction of the Insurance Distribution Directive in October 2018, anyone offering life insurance, both advised and non-advised, has had a regulatory obligation to consider the overall suitability of protection products rather than just give a price comparison.
“Since the implementation of the Senior Managers and Certification Regime (SM&CR) in December, responsibility for addressing this requirement now falls to any person covered under SM&CR.
“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.”