How to tackle the upcoming Consumer Duty requirements by utilising the CIExpert / Iress integration.
VIRTUAL EVENTS
Did you miss out on our recent Consumer Duty Workshop, co-hosted with our friends at Iress? Fear not, as we are providing a recording of the workshop (simply click play on the video) so that you can watch at your leisure and catch up on all the information, tips and tricks that were discussed during this hugely popular virtual event.
Q&A's
During the session, we covered a wide range of questions during the Q&A portion of the workshop. However we received so many that we didn't have the time to answer them all. Therefore, for those we missed we have provided answers below.
1. How suitable are the CIExpert summary & full reports for compliance reports?
Our summary report is usually used for client meetings with the full report used for the compliance file as this covers all the issues within the suitability letter. There may be instances where a client has extensive medical knowledge and for these clients the full report may be preferable as they will be likely to understand the often subtle differences between plan definitions.
2. When doing an historic comparison which of the cover levels should I use in the comparison?
We would suggest you use today’s cover level rather than the original as this provides an up to date reflection of the current position. When comparing decreasing term plans remember that many historic plans used a fixed high percentage of 8% to 15% whereas the mortgage may have enjoyed a far lower interest rate. This means that the existing plan could be many thousands of pounds higher than needed to repay the mortgage.
3. How do the costs & credits work?
Our most popular subscription is for a 12 month single adviser subscription which provides 80 credits. These credits are set as a maximum usage level, so with one credit per client it enables the adviser to input up to 80 clients during the 12 month period with unlimited research for that client.
For many single advisers this provides adequate usage for both new clients and for reviewing clients with existing policies, however there are lots of options for those requiring a higher usage and we make it easy to upgrade at any stage. Many firms opt for our multi adviser packages. For more details see the link below:
For many single advisers this provides adequate usage for both new clients and for reviewing clients with existing policies, however there are lots of options for those requiring a higher usage and we make it easy to upgrade at any stage. Many firms opt for our multi adviser packages. For more details see the link below:
4. Claims: How are claims displayed in the Insight Zone?
Full details of an Insurer’s claims paid, declined & non-paid can be found in their dedicated Insight Zone. They are also available for all insurers in the Key Statistics menu at the top of the main home page.
5. Are there any plans to include Business Protection plans in CIExpert?
Yes - although most insurers personal and business CI plans are the same (apart from Aviva) we anticipate launching a Business Protection specific service during Q1 2023.
6. What happens if a firm uses more than 80 credits - can they top up?
If you reach the maximum credit usage on your subscription, it’s easy to upgrade. Just contact our very helpful customer service team and they will get that sorted for you and explain the options fully. Either call them or send them an email to support@ciexpert.co.uk.
7. Are there any plans to allow advisers to enter more than £25k children’s critical illness cover into CIExpert, for example Guardian £100k?
Currently, CIExpert defaults to £25k to fall in-line with what’s available on the portals. Currently, the portals default to £25k so we can only pull through the premiums for these. However, we include the score for Guardian’s £50k option but not the premium. However, plans to develop the range available are on our roadmap for 2023.
8. When will VitalityLife be available on CIExpert?
…Watch this space after Christmas!
9. Added Value Features on both Iress & CIExpert - how do you both feel that Added Value Service would be developed across both platforms?
Iress provide information on the high-level features are available at quote stage. CIExpert provide this in much greater details in the Insight Zone and both offer complimentary functionality.
10. Will it be possible to include an integration between the Multi-benefit / Multi-plan options in Iress into CIExpert as well as individual links?
We’d love to include a wider range of services available to you within CIExpert and will add this to our plans.
11. Is there the option to run joint comparison as well as an individual comparison?
Due to the nature of our scoring system and how personalised the statistics are to each individual, taking into account their different ages, gender, smoker status etc. Therefore it’s important that an assessment is carried out for each person separately, to ensure the best cover for each individual is fully considered.
13. Can I integrate with CIExpert from SolutionBuilder?
Yes, full details of how to integrate with both Iress and SolutionBuilder can be found in our video guides.
17. How can we visually compare CI plans if I'm using a remote meeting of some sort?
Our Insight Zone provides a digital dashboard of policy information that is specifically designed to be visual and easy to browse, which is especially good for virtual client meetings. There are a number of interactive features to help you explore and compare all the details with your client on the screen, such as our powerful Condition Tracer Tool.
Check out our video guide to make sure you’re making the most of the features available.
16. AIG & Scottish Widows use a ‘body’ image to explain their CI conditions.
When carrying out a CIExpert assessment, we have a filter called “Condition Categories” which groups the conditions by type, such as “Cancers’, ‘Heart Related’ or ‘Neurological’. When you get to the “Policy Compare” stage of your assessment simply use the dropdown menu on the right to select 'View: By Condition Category’ to see the conditions listed in this very visually compelling format.
17. How does IO (Intelligent Office) differ from Iress (The Exchange).
IO (Intelligent Office) is a CRM solutions while Iress (The Exchange) is a quote platform.
18. How does the panel feel about ‘first event' plans vs individual plans?
In almost all cases, 2 separate plans offer individuals a significantly better outcome in terms over cover levels, GIO’s, children’s cover, additional payments, added value services, flexibility.
