It is aimed at advisers who are either new to the protection market, possibly coming from asset management in the wake of the RDR, or those needing more information on the PruProtect proposition.
It provides a simple summary of plan details and options that advisers can use themselves or in the presence of clients, as well as helping intermediaries determine cover levels and products to meet their clients’ specific needs.
The free iOS app – an Android version will follow – will help with key decisions, including product types and options, cover levels, attitude to risk, and assessing the compatibility of any existing plans. The app, which allows information to be available offline, generates a PDF that can be emailed to clients.
Whole-of-market advisers can also use the program generically. Kelly Thomas, PruProtect head of marketing, said: “We know advisers deal with many providers and have a range of products to understand. So, we wanted to create a tool to aid them to understand not only the PruProtect products, but to help them in client discussions when explaining the need for protection.”
John Nelson, principal of Alloa-based Candour IFA, says: “You have to embrace technology. I own an iPad and if an app exists, then it is a good idea to take a look at it and a bad idea to reject it out of hand. But there is no substitute for experience. You can only get that over time so I think trying to give advisers new to protection a technological replacement for that experience is not a solution. We should do our own research and not depend on what a product provider offers, even if it does not automatically link to that insurer.”