Insurance research services to help you to protect your clients against life s misfortunes

Transcription

1 SUBSCRIPTION BROCHURE - SEPTEMBER 2012 LifeRisk Online - ABN Auth Rep No a Corporate Authorised Representative of Life Risk Partners Pty Ltd ABN AFSL Insurance research services to help you to protect your clients against life s misfortunes

2 LIFERISK online LifeRisk Online is a Registered Business Name of Life Risk Services Pty Ltd ABN Auth Rep No , and is a Corporate Authorised Representative of LifeRisk Partners Pty Ltd ABN AFSL Under its AFS License LifeRisk Partners Pty Ltd is authorised to provide general life risk insurance product advice to wholesale clients. LifeRisk Partners Pty Ltd was formed in 2005 to develop a range of software and research based services to meet the evolving needs of AFS Licensees including Dealer Groups, their Authorised Representatives and Life Insurance companies in the Wealth Protection market. Services available from our multi-disciplinary team include: LifeRisk Online - a web based life insurance product research and comparison system for Advisers Quote Systems Life Insurance research solutions for Licensees including - Publications benchmarking the products and service provided by Life Companies Consulting Services including assisting with Risk APL Tender Projects and membership of Licensee Risk committees - Ongoing product research - Independent Company and Product Reviews For further information refer to or contact us on (03) or by at info@liferiskgroup.com.au. Life Risk Services Pty Ltd and Life Risk Partners Pty Ltd LifeRisk Partners and LifeRisk Online are members of the LifeRisk Group. No shares are owned by Life companies or other entities and individuals that provide personal life insurance product advice. Contact Details T: (03) F: (03) P: 53 St Boswells Ave PO Box 12 Berwick VIC 3806 W: info@liferiskonline.com.au 2

3 LIFERISK online is an internet-based subscription service that provides life insurance premium comparisons and product research for Advisers. Putting together product and premium comparisons for clients has never been easier, with client details set up in the quote process and a fast, easy to use comparison tool. Fast, reliable access to life insurance quotes, premium comparisons and product research where... FAST, RELIABLE QUOTE SERVICE PRODUCT RESEARCH every premium is backed with a Real Quote, every time all quotes are produced in the One place at the One time in less than One minute you get Quotes that can be used for Insurance Applications One Insurance Portfolio product score for each Quote Research focussed on the main product features Research signed off by our AFS Licensee LifeRisk Partners AFSL Access to Australia s leading retail Life Risk Insurance products from Advisers from a wide range of Licensees Subscribe to LIFERISK online including AAA Financial Intelligence Lionsgate Professional Investment Services Advocate Advisory Lonsdale Review Your Investments Charter Financial Planning Madison Risk and Investment Advisers Australia Dover Financial Advisers Millennium 3 Sentry Group Financial Wisdom MLC Synchron Garvan Financial Planning My Adviser Tailormade Holdings Gold Financial Oamps The Salisbury Group HNW Planning Paragem Wealthsure Independent Capital Advisers Professional & Reliable Financial Wealth Within Services JPM Investment Group 3

4 What is LIFERISK online? Access to wide range of quote comparisons covering insurances available as Non Super or via the Life Company Superannuation Trusts including: Non Superannuation Life Cover Accidental Death - - linked to Life Cover - - Stand Alone TPD Own, Any Occupation And Home Duties - - linked to Life Cover - - linked to Trauma Stand - Alone - - Stand Alone Trauma - - linked to Life Cover - - Stand Alone - Child Cover - Income Protection - - Professional - - Comprehensive - - Standard - - Standard Accident Only - Business Expenses Life Company Trustee Superannuation Life Cover TPD Own and Any Occupation - - linked to Life Cover - - Stand Alone - TPD Any inside Super - linked to TPD Own - outside Super - Income Protection - - Standard - - Standard Accident Only LIFERISK online is suitable for my business LifeRisk Online saves you time and money with Real Quotes with quote PDFs that you can download at anytime - in the 1 place - at the 1 time - in about 1 minute Fast and easy to use 1 page Comparison Quote layout More accurate comparisons using each company s occupations and Product Research that results in 1 overall product research score and a Comparison Chart to making product comparisons easier 4

5 Premium Comparisons... The premium comparison module provides access to quotes from all major insurance providers retail suites. Functionality includes providing Real Quotes from each company s online Quote system or desktop quote system if an internet based quote system is unavailable. Online quotes can be run and saved into your life company adviser account. Quotes are obtained in real-time from Australia s leading Life Insurance companies using each company s website or desktop software. Access is through LifeRisk Online s dedicated proprietary technology, which uses each company s system to generate quotes. Web based quotes are usually completed in less than 30 seconds with quotes produced using desktop quote systems taking about 1 minute. As a result every premium is a Real Quote which is validated with each company s quote system as it is produced. standardised format Client information is entered once only into quotation webpages with an easy to use layout. PDFs of Premium Comparison reports and Life Company Quotes can be printed or downloaded for use with Statements of Advice or insurance applications. full range of insurable risks Access to real life quotes including insurance portfolio of cover that can include Life Cover, Total and Permanent Disablement, Trauma, Child Cover, Income Protection and Business Expenses. valid comparisons We have taken the hard work out of comparisons by analysing each company s product range and set up the quotes produced by LifeRisk Online so that they are as comparable as possible. Analysis was done on the basis that the quotes provided are the lowest cost that meet or exceed the requested quotation criteria. LifeRisk Online comparison reports are based on company quotations. Users can customise their Quote comparisons by selecting the companies, cover, sums insured and options they want included. Quotes are available for a wide range of commonly available options. For more details you should refer to the User Guide. occupations In addition, we have provided a list of occupations based on the Life Companies top 30 occupations. These occupations have been selected with manually selected alternates to make choosing similar occupation easier. To ensure the accuracy of quotations, users have the option of selecting occupations from each company s occupation list. commissions Where needed, commission can be set using each company s settings or you can use our pre-set commission settings that provide the matching percentage of commission (if available) or use the next higher setting (if a matching setting is not available). quote save and recall You can save and recall quotes to alter and re-run without having to re-enter any details. 5

6 product research With LifeRisk Online, quotes are just part of the package of dedicated Life Risk Insurance research services available to Subscribers. Product Feature research is now available as an optional Subscription module with the research including feature scores and a clear explanation of the research and scoring methodology. We have focussed on the main features of the company products. Our approach is to provide scores based on the relative strength of product features i.e. relative payment size (if they vary) relative generosity of the terms and conditions of payment relative ease of access to a feature - e.g. future insurability events afsl approved product research All product research is conducted and approved by Life Risk Partners ABN , AFSL , the Australian Financial Services Licensee in the LifeRisk Group. GENERAL ADVICE WARNING The information provided using LifeRisk Online may contain wholesale product advice which is general in nature and is provided to wholesale clients i.e. AFS Licensees and their Authorised Representatives in accordance with LifeRisk Partners Pty Ltd Australian Financial Services License conditions. The Quotes and Reports produced using LifeRisk Online are not suitable to be acted upon as life risk insurance product advice without additional input from an Australian Financial Service Licensee or an Authorised Representative of a Licensee who is authorised to provide personal life risk insurance product advice to retail clients. In particular, LifeRisk Online warns that individual client circumstances and needs have not been taken into account in LifeRisk Online research. one insurance portfolio product score The product research is integrated into the Premium Comparisons so that One Insurance Portfolio score is provided for each company s product range in a Premium Comparison. Individual Cover Scores are also provided for Life Cover, Total and Permanent Disablement, Trauma, Income Protection and Business Expenses. Individual features can be compared by accessing the Product Research or the PDS extracts on the website. You can adjust cover and insurance portfolio weights As much as is possible, the default weights used to combine feature scores in Cover scores and into the Insurance Portfolio score are based on the average cost or frequency of occurrence of the events. Product scores are combined using the estimated average cost of the product or option. Insurance Portfolio scores are combined using weights determined using the estimated average cost of each of the products. The default weights may not be appropriate to use with your clients. So that you can take account of your client s needs, users can adjust the weights of features for a product. We also allow users to adjust the weights used to calculate an overall Insurance Portfolio score. product research methodology We provide access to our product feature scoring methodology so that Users can determine if our analysis is appropriate for use with individual clients. pds extracts of product features and trauma event wording Access to extracts from PDSs of the Product Features and Trauma events is also provided. You can set up and download reports that compare these comparisons on screen or as a PDF download. 6

7 Comparison Reports... We provide two Comparison Reports: a Client Report and an Adviser Report. These documents can be downloaded as PDFs. In addition, PDFs of life company quotes can be downloaded. The Client Report summarises the quote comparison and provides you with a 1 page report designed to be used as an attachment to a Statement of Advice and used with clients to demonstrate that the market has been researched as part of your advice process. The Adviser Report includes key information such as: the details of the life insured, the type and amounts of cover, selected options, premium results, product and insurance portfolio scores and a chart that shows at a glance the trade-off between product features and premiums. The Adviser Report also includes useful information designed to save advisers time including average premiums over 5 and 10 years based on nil indexation to ensure that the projection amounts are comparable, actual company occupations used, commission settings as well as Medical and Financial Underwriting requirements. We also provide a Value Map chart that allows Users to visually compare the trade-off between products and premiums. Online Applications We provide you with the functionality to link the quotes you produce using LifeRisk Online to your life company Adviser website account. Saved quotes can be used with each company s online Application systems without running another quote! To take full advantage of these links, Users need to save their provider access details on LifeRisk Online. Currently quotes produced for AIA, Asteron, AXA, CommInsure, Macquarie, TAL and Zurich are produced using their online quote systems. AMP, ClearView and MLC quotes are being converted to their web based systems in coming months. For product providers where who don t provide online quotations, we use their desktop software to provide you with quotations. Naturally, these quotes can also be used to apply for insurance. 7

8 Subscription Plans... Your LifeRisk Online subscription is currently structured as two modules, Premium Comparisons and the optional Product Research module. premium comparison The Premium Comparison subscription option gives you access to premium comparisons, independent Client and Adviser reports, quote PDFs and Online Application functionality. This option is ideal for Advisers who prefer to do their own product research. product research Product Research is available as an option to the Premium Comparison subscription. Users will be able to access product features research and scores as well as Product and Insurance Portfolio scores. Highlights of the LifeRisk Benchmarking research we provide to AFS Licensees will also be included in the Product Research as it is completed. This research provides an overview of products, pricing, financial stability and the key service components that life companies provide Underwriting and New Business, Claims, Business and Technology Support. The current subscription costs are: Modules Premium Comparison Premium Comparison & Product Research Subscription period Monthly or Quarterly with no long term ongoing commitment Subscription fee $49 per month or $147 per quarter inc GST $88 per month or $264 per quarter inc GST Payment options BPay or Cheque Monthly or Quarterly in Advance Subscriptions are provided on a per Adviser User basis. That is a separate User Account is established for each Adviser User. Subscriptions can include more than one User. Paraplanners and Practice Support Staff may use an Adviser s User account on behalf of the User at no additional cost. You can change your subscription at any time by adding and removing users. New subscription fees will apply from the 1 st or 15 th of the next month depending on your billing date. billing arrangements Our preferred method of payment is BPay. BPay payments may be made from both cheque and debit accounts. Credit card payments where available from your banking provider are also accepted via BPay. Invoices will be issued by to subscribers at the beginning or middle of each month on 14 day terms. If invoices remain unpaid after 30 days, access to LifeRisk Online may be suspended until payment is made. 8

9 Special Subscription Arrangements for Licensees and larger Practices... We offer additional features for subscribers with larger numbers of users such as Licensees and larger practices. These features can include: customisable online Statement of Advice or LifeRisk Online can be linked directly to other web based systems e.g. as a Risk Module in Financial Planning systems. LifeRisk Online can be embedded into a Subscriber s website site making LifeRisk Online an integral part of the Licensee s value proposition to Advisers Special subscriptions for Compliance staff to access LifeRisk Online Contact us to discuss your requirements. Future Developments more comparison options Premium Comparisons has been recently enhanced with additional quote options such as Stand Alone Accidental Death, Accident Only Income Protection, Split TPD (Any Occupation in Super with linked TPD Own Occupation outside super and TPD Home Duties became available during September. We are also developing the ability to be able to quote on 2 lives and super and non-super products at the same time. New workflow module We are developing a new module for LifeRisk Online - Workflow. This optional subscription module will include Client Insurance data, personal Needs Analysis and Statement of Advice templates. Details of the Workflow module content and fees will be available closer to the release of the module. Contact Us Today... To discuss your requirements, contact Stephen Dingjan or Robert Gurling on or by to info@liferiskonline.com.au. Apply for a Free Trial to LifeRisk Online... Apply online at and click on the subscribe link, and fax them to or you can contact us on or by at info@liferiskonline.com.au. All subscribers receive a 15 day free trial. We provide full access to the Premium Comparison and Product Research modules during the free trial. There is no obligation if you elect not to proceed further. After the 15 day Free Trial, new subscribers will be invoiced for their selected Research Modules. As an introductory discount, after your first subscription payment you will be credited with the 2 nd month s subscription free. 9

10 LifeRisk Online Subscription Agreement LifeRisk Online is a registered business name of Life Risk Services Pty Ltd ABN LifeRisk Online and its successors provide the services under the terms and conditions as set out in this Subscription Agreement. 1. availability of LIFERISK online LifeRisk Online is only available to Australian Financial Services (AFS) Licence holders and their Authorised Representatives. Subscribers must provide the AFSL number of their Licensee together with the ASIC Authorized Representative Number of each user and their contact details when subscribing. Users who are employees of subscribing AFS Licensees are not required to provide an ASIC Authorised Representative Number. 2. conditions of use 2.1 Reports and Quotations produced by LifeRisk Online are for the use of authorised users with their clients and for internal management purposes such as compliance. Further distribution, in any form, to anyone else is prohibited by this agreement without the express written consent of LifeRisk Online. 2.2 Only Users that are included in a current Subscription Agreement may access and use the LifeRisk Online website. 2.3 Users must quote LifeRisk Online as the source of Comparison Reports and Quotations in all references. 2.4 LifeRisk Online Comparison Reports are provided as an information service to AFS License holders and their Authorized Representatives. 2.5 LifeRisk Online takes no responsibility for the subsequent use of the research provided in the report. 2.6 We understand that it is the responsibility of AFS License holders and their Authorised Representatives, who use LifeRisk Online, to provide appropriate advice to retail clients. 3. subscription licenses 3.1 Subscriptions are provided under this Agreement on a per Adviser basis. That is, an Adviser who is not a User under a current Subscription Agreement cannot use LifeRisk Online without breaching this Agreement. 3.2 Paraplanning staff and practice support staff may access an Adviser s user account under the direction of the Adviser without additional cost. Running a Comparison quote, providing comparison reports or quote PDFs to an Adviser who is not a User under a current LifeRisk Online Subscription Agreement is a breach of this Agreement. 4. users 4.1 Users may be added to a Subscription at any time. Additional subscription fees will apply from the next 1 st or 15 th of the calendar month depending on the Subscription billing date.

11 5. Termination of a subscription or of a user s access 5.1 Subscribers may amend or terminate their Subscription at any time upon provision of written notice Acceptable forms of written notice are , fax or letter LifeRisk Online services will continue to be available until the end of the month following the termination of the Subscription. 5.2 An individual s User access may be terminated as part of a Subscription at any time. Except where directed by the Subscriber, access to LifeRisk Online will cease at the end of the month that written notice was given that a User s access is to be terminated. 6. Refunds 6.1 Following the termination of a subscription or of a user s access, refunds will not be provided for monthly payments. Fees associated with unexpired whole months of longer payment durations will be refunded. 7. Invoices 7.1 Invoices are issued on 14 day terms. Invoices are ed to the Subscriber main contact at the beginning of each month or after the 15 th of the month depending on your billing date. If invoices remain unpaid at the end of the month, access to LifeRisk Online may be restricted or suspended pending payment. 7.2 Billing date is the 1 st of the month if your subscription commences between the 15 th and end of the month. Billing date is the 15 th of the month if your subscription commences between the 1 st and the 14 th of the month. 8. updating subscription terms... LifeRisk Online may update the terms of the Subscription Agreement simply by ing the revised agreement to Subscribers. The new terms will apply from the next Subscription payment.

12 LIFERISK online LifeRisk Online - ABN Auth Rep No Phone: Δ Fax: Δ info@liferiskonline.com.au 53 St Boswells Ave BERWICK VIC 3806 Δ Box 12 BERWICK VIC