Protection Guru, the technical information service for protection advisers, has seen a 60% increase in the use of its ‘Product Features Report’ since the start of this year.
The service allows advisers to add quality comparisons of life insurance policies in addition to the more standard price comparisons. It is available free-of-charge as an additional service within iPipeline’s Solution Builder software.
From 31st July, advisers across the UK will have an obligation under the Consumer Duty regulation to assess the value of financial products as pure price-based comparisons on their own will no longer meet advisers needs.
By considering quality and price in a single service Solution Builder can significantly simplify the work needed by advisers to meet the new regulatory requirements for protection business.
Ian McKenna (pictured), founder and CEO of protection guru, said: “By including the Product Features Report within iPipeline Solution Builder at no extra charge, our aim has always been to help advisers focus on quality and value rather than just price.
“The dramatic increase in the adoption of this service makes it clear growing numbers of advisers are getting prepared to meet the new rules using this service.
“This demonstrates firms are already embracing changes to their business processes in advance of the 31 July deadline.”
The service provides a wealth of additional data, and advisers can choose to select up to five insurers/products to scrutinise for product and value.
In the first four months of this year, nearly 20,000 product features reports have been generated.
McKenna continued: “The breadth of our offering, which includes life/mortgage protection, critical illness, and income protection products combined with an unequalled depth of analysis, demonstrates that Protection Guru Pro is now clearly the leading protection quality data source to combine with price comparison services in the market, either directly via our Protection Guru Pro product or via iPipeline Solution Builder.
“We are proud to have achieved this through our proprietary technology and insights and the partnership with iPipeline.”
