How tech turbocharges the advice process
1. Streamlining fact-finding and onboarding
The initial stages of the advice process often require gathering detailed client information, which can be labour-intensive. Digital fact-finding tools simplify this process, enabling clients to input their data online before the first meeting. This not only saves time but also ensures accuracy by reducing the potential for errors in manual data entry.
Most importantly, technology can integrate compliance checks into the onboarding process, ensuring advisers meet regulatory requirements from the outset. This reduces administrative burdens and allows advisers to focus on delivering quality advice.
2. Personalised client engagement
Technology empowers advisers to deliver a more tailored experience by leveraging client data and analytics. Customer relationship management systems( CRMs) help advisers segment their client base, understand individual needs, and provide customised recommendations.
For example, a client in their thirties with a young family may benefit from critical illness cover, while a single professional in their twenties might prioritise income protection. By using data-driven insights, advisers can present relevant options that resonate with clients’ unique circumstances and goals.
3. Improved product comparisons
Protection products often come with a range of features and pricing options, making it difficult for clients to compare policies effectively. Quotation platforms and comparison tools provide advisers with a comprehensive view of available products, helping them identify the most suitable options quickly.
These tools also allow advisers to illustrate complex concepts, such as premium structures or coverage terms, in a way that clients can easily understand. This transparency builds trust and confidence in the advice provided.
4. Efficient document management
The sale of protection products generates substantial paperwork, from application forms to policy documents. Document management systems streamline this process by digitising and centralising files. Electronic signatures further enhance efficiency, enabling clients to complete documentation remotely.
This not only saves time but also reduces the environmental impact associated with printing and mailing documents.
5. Boosting persistency rates
One of the biggest challenges in the protection market is policy cancellations. Technology can help address this issue by automating follow-ups and providing timely reminders to clients. For instance, advisers can set up automated communications to check in with clients after a policy is sold, reinforcing the importance of maintaining their coverage.
Additionally, client portals and mobile apps give policyholders easy access to their policy details, payment schedules, and value-added benefits. By fostering ongoing engagement, advisers can improve persistency rates and strengthen client relationships.
August 2025 | 5