Developed by Defaqto, Infowise enables advisers to quickly and accurately compare Home Insurance and ASU product data and thereby identify contracts that meet their client’s specific needs.
Previously, to manually compare a variety of policy wordings would have entailed hours of work, but Infowise can generate this information within minutes. The system also produces printed reports, which can be kept on file, demonstrating compliance with the FSA rules.
General Insurance products form a key part of the financial review process and Tenet believes advisers should have access to incisive information about insurance contracts, to ensure quality cover is promoted.
Group chief executive, Simon Hudson commented: “There is a risk that the industry, possibly because of the client’s desire to keep the costs down, is not explaining the differences in policies to clients. There are so many potential risks to the consumer that the onus is on the adviser to fulfil their duty of care and recommend the very best cover that their client can afford – with the least escape clauses. Currently the most sold products are ‘one star’ products which are essentially the cheapest. We are now offering our IFAs a valuable tool to identify and demonstrate to the consumer comparisons on a number of areas beyond price.”
