The head of marketing and propositions at Ageas Protect said: “The multi-benefit service will allow advisers to mix and match more than one product from Ageas’s protection range to design a bespoke protection package for their clients.”
Mr Casey added that multi-benefit discounts would be applied to the premium, which could work out cheaper than buying each product separately.
Another benefit of the system is that only one application needs to be completed, which could save time for advisers and their clients.
All advisers who are registered users of The Exchange will be able to access the multi-benefit service.
|Ageas Protect products on The Exchange|
Family income benefit
Critical illness cover
Dave Miller, executive general manager (sourcing), at Iress, said: “The industry has been reporting a drop in protection sales across the board, and technology is crucial to addressing this.”
Tom Conner, director of London-based Drewberry Insurance, said: “Some insurers do offer a multi-product discount (usually about 5 per cent), but the variation in pricing across insurers is usually much larger than the discount offered.
“Additionally, it is possible that the most appropriate insurer for income protection may not even offer life cover. An adviser must also consider medical underwriting factors, which may mean one insurer is appropriate for one product but another insurer is best for a different product.
“Given these concerns, these kind of tools are only really useful if an adviser is recommending different policies for the same type of cover. When considering multiples types of cover an adviser will need to compare those products in isolation relative to a bundle with one insurer.”