(Image credit: Dollar Photo Club.)
iPipeline (Exton, Pa. and Cheltenham, Gloucestershire) has announced the general availability of Solution Builder, an intelligent quote tool for advisors working in the U.K. protection market. The tool provides what the vendor calls a faster and more efficient way of reviewing a client’s protection needs so the right solution can be found quicker, based on the client’s budget and needs.
iPipeline first launched Solution Builder in Jan. 2015 with Openwork, a Swindon, Wiltshire-based financial advice network with over 2,000 affiliates. In the first month the company saw a significant increase in both average monthly premiums at 10.8% and average benefits per client at 17.9%, according to Ian Teague, Managing Director for iPipeline U.K. The results show, Teague comments, “that the solution does not only accelerate adviser businesses, enabling them to become more profitable, but also helps to close the protection gap, as consumers are better covered.”
Streamlined Sales Process
Openwork decided to integrate Solution Builder into its business in order to radically improve the quality and service to affiliated advisers, according to Paul Shearman, proposition director for Mortgages, Protection and GI, Openwork. “This solution has already proved its worth, as our advisers are able to offer their clients protection solutions, more efficiently than ever before,” he comments. “As a result, we’ve streamlined the sales process and increased our adviser productivity.”
Solution Builder enables advisors to display multiple cover options, including multi-benefit and matrix-based single product comparisons, supporting upsell and cross-sell opportunities. The tool is designed to rapidly identify the best options based on the client’s budget and needs, according to an iPipeline statement. The vendor reports that Solution Builder is a device agnostic solution and comes with new and enhanced functionality such as:
- A client dashboard – allowing easy access to client quotes, enabling advisers to quickly start a new quote or sort, search and retrieve existing client quotes;
- Full client history – stored for future reference, including previously quoted information which can be re-used for further client options, saving time;
- Immediate access to indicative prices across multiple cover options in a single view;
- New sliders – enabling advisers to quickly increase and decrease cover options and view the impact on premiums, along with visually demonstrating to clients the different options available;
- Links to the vendor’s integrated indicative underwriting tool XRAE, allowing advisers to set expectations upfront in the sales process; and
- New client screens – enabling advisers to enter client details and requirements.
“This is a real step forward for advisers who have previously had to create multiple quote comparisons separately,” adds iPipeline’s Teague. “Advisers can now do many comparisons on one screen and view these side by side, changing the way protection is sold.”