Iress is rolling out a multi-benefit protection quote portal which allows advisers compare quotes for a combined package of different types of cover.
The tool has initially gone live with protection products from Legal & General. Products from LV= and Friends Life will be added in January. Iress also plans to add a filtering function later in Q1 next year, where advisers can tweak cover requirements to get cheaper quotes.
Advisers put in details about the level and type of cover the client wants and can choose up to five protection benefits: level term assurance, mortgage protection, critical-illness, income protection and family income benefit. Based on this data, advisers can then compare quotes.
The service will be operate as part of Iress Exchange. The tool will be included as part of the £14 monthly subscription fee for each user licence.
It is designed to operate across multiple browsers and mobile devices.
Iress head of portal David Miller says: “We are tremendously excited about our new multi-benefit service, which will deliver real value for Exchange users. The industry has been reporting a drop in protection sales across the board, and technology is crucial to addressing this.”
Plan Money director Peter Chadborn says: “This kind of tool makes it easier to research the market very effectively so a new offering is welcome. Protection advisers have no excuse not to research every option thoroughly.”