Protection Guru has launched a protection product comparison service for advisers.
The Protection Guru Pro system has been designed to enable advisers to refine the product selection process and identify the most comprehensive cover within the client’s budget while identifying both the cheapest and best quality plans, the firm said.
The tool includes express and bespoke options to product analysis. The express option enables advice firms to pre-configure priorities for different demographics to accelerate research delivery.
Quotations in the initial version of the service will be provided by IPipeline and, after agreeing with the client the contract they intend to proceed with, users can then submit applications electronically via IPipeline.
The system formally launches this month and will be free to advisers until 31 August, after which it will cost £40+VAT per month, per user.
HSBC Life has sponsored the product until the end of August. Protection Guru said HSBC’s products would be measured against the same criteria as all other insurers in the service.
Adam Higgs, head of research at Protection Guru, said: “Insurers now provide a wide range of products aimed at different types of clients and offer far more tailored solutions than ever before.
“While this is a positive market development, it does present a big issue for many advisers as there are so many product options to make sense of.
“Understanding the differences from product to product is very difficult. Protection Guru Pro has been built specifically with this in mind and will help advisers not only focus on the products that are relevant for their client but also quickly and easily compare them based on the unique requirements of their client.”
Ian McKenna, founder of Protection Guru, (pictured) added: “Invariably advisers want to find the best value product for clients but historically that has meant advisers have had to do a lot of manual research.
“While for many years insurers have been seeking to innovate and differentiate their products by quality, the overwhelming majority of comparison services focus on price, and even those that look wider tend to just cover individual products or have limited data.
“By bringing together all our extensive research, and combined with price comparison data, we can enable all advisers to generate a comprehensive protection advice quickly and easily.”