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In Practice: SolutionBuilder from iPipeline

ABR’s In Practice looks at how advisers use software, services and products in their advisory practices. This case study from iPipeline looks at how Massey Divall Financial Services is using its SolutionBuilder software to obtain multi-benefit protection quotes for clients

Massey Divall Financial Services, is part of the Personal Touch Financial Services network. Bill Divall offers protection advice and regularly uses software to research, quote and apply for protection for his clients.

One of his frustrations, he says is that to get the information he needed would invariably include asking clients to complete a number of questions in a survey and limited what he ultimately wanted to achieve.

The limitations Bill experienced were for multi-benefit quotes. Typically, he says, he would sell multi-benefit products from one provider – trying to source premiums with alternative providers would take hours to complete.

In October 2015, Personal Touch introduced SolutionBuilder®, a client-centric research, quote and apply solution, which allows advisers to easily compare both simple and complex protection needs within a simplified and responsive user interface (UI). Advisers were invited to attend SolutionBuilder webinars, hosted by iPipeline, to explore how the solution was able to improve their day-to-day jobs. Bill says he attended the webinar and immediately thought “that’s going to save me hours”.

From the webinar, Bill felt there were a number of functions within SolutionBuilder, which would help with offering his clients protection cover to meet their needs and budget.

Bill’s practice finds it rare for a client to have sufficient budget for the recommended protection cover. Lowering the cover and premium amount from the initial recommendation is typical, and this is where he’s found the SolutionBuilder matrix helps, he says, as it enables him to instantly show what the indicated cover amount and the premium will be by moving the ‘sliders’ on the side of the matrix. “The ability to see the different deferred periods on income protection is fantastic and saves time when running multiple quotes,” he adds.

MatrixIPiPad

The matrix uses indicative quoting. Bill finds by using the indicative quoting he knows immediately if the cover aligns with the client’s budget. At this point he is able to go back and add further benefits such as life and critical illness.

With the results screen ordering the premiums with the lowest costs first, it allows Bill to “plant the seed” about the cost of cover and start the conversation about where to go from there. Being able to then click “select alternative” allows Bill to talk further about what extra cover the client could receive if they could afford it. Carrying out this process before he used SolutionBuilder would typically take an hour or more depending on the complexity of the case, Bill says. With SolutionBuilder, the process typically takes around half the time.

SolutionBuilder allows advisers to source multi-benefit quotes from many providers, compare the solutions side by side, and work out the recommended options in a couple of minutes, Bill says.

As an example, he says, for a client who has more than one need, the adviser can view up to three different solutions from a single set of inputs as well as a combination solution. This allows the adviser to view a solution with income protection as a standalone benefit. And data amendments need minimal rekeying.

Massey Divall carries out a number of telephone and email appointments. For telephone appointments, the advisers typically use their desktop and allow clients to view their screen via a WebEx session. “Client buy in is essential and we are constantly working to achieve this,” Bill says. Once the client is engaged he can start to talk about the types of products he is recommending.

Looking ahead, Bill has plans to use SolutionBuilder in front of clients by taking a tablet out to face-to-face appointments. Use of the tablet will also mean less printing of scenarios. Importantly, use of SolutionBuilder addresses consumers’ growing demands for a digital experience.

“Saving time and delivering the right product to the client in a professional manor, is what we’re about and SolutionBuilder allows us to do that,” says Divall.

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