Zurich has now developed a cutting edge planning tool aimed at helping advisers address their clients’ business protection needs.
The new Business Protection Adviser Tool is aimed particularly at advisers who are new to the business protection market, enabling them to provide clients with a tailor made recommendation highlighting the appropriate product for specific business needs.
For those experienced advisers already active in the business protection market, the tool will also provide a useful audit trail.
Commenting on the launch of the new tool, Peter Hamilton, Proposition Management Director said, ‘The launch of the Business Protection Tool builds on our comprehensive Business Protection proposition, including in particular our ‘large case’ underwriting capabilities. We believe that the new tool will be a real asset to advisers who are new to the market, giving them greater confidence to address their clients’ business protection needs”.
Advisers complete a fact find for each business owner, giving details of all information relevant to business protection. This helps establish the needs of the business and potential risks in the event of loss, whether through serious illness, death or incapacity of a key employee or shareholder.
The adviser also inputs relevant data on the strategic intentions of the business, by completing a series of questions regarding business succession needs and existing business liabilities.
The tool also enables the adviser to consider an individuals’ family protection needs, whether a business owner, shareholder or employee seeking additional life or critical illness cover.
The tools goes on to demonstrate how it is possible to plan against potential loss by using any or all of the potential planning solutions, shown in the tool under the following headings:
Key person cover
For example, for a business owner considering succession planning, shareholder protection may be the most appropriate type of cover.
Continues Hamilton ‘Zurich has launched several innovative adviser tools in the past year across a number of our propositions. We want to add value to the intermediary experience and make it easier for them to do business with Zurich – whether in the wealth management, retirement solutions or protection market.
Given the recent fall in traditional mortgage protection sales and the current economic uncertainty for small businesses, this undeveloped market segment provides a real opportunity for advisers to broaden their knowledge and help a broader range of clients”
Commenting on the tool, Peter Chadborn, Principal of CBK Colchester said, “The Zurich factfind effectively bridges the gap between the adviser’s awareness of the merits of the business protection market and their ability to begin effective dialogue with their client. The business protection tool not only serves as important guidance but also as a valuable compliance tool.”