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Overview
The AdviserLogic Needs Analysis Tool simplifies the insurance assessment process, helping you provide data-driven, client-focused advice with confidence. Designed to align with your client’s financial situation, goals, and risk profile, it enables you to assess insurance needs efficiently and tailor recommendations with precision.
By identifying coverage gaps, you can ensure your advice offers the right level of protection. The tool integrates Fact Find data, including Income, Expenses Superannuation, Insurance, Assets, and Liabilities, providing a structured, comprehensive view of your client’s financial position.
With real-time access to Omnium Insurance data, you can compare policies across providers, ensuring your recommendations are based on accurate, up-to-date product information. Needs Analysis allows you to evaluate existing and recommended insurance strategies, helping clients understand potential benefits and trade-offs.
Working alongside Cashflow Modelling and integrated with Digital Advice Scenarios, the Needs Analysis Tool supports a holistic financial planning approach. It also enhances compliance and documentation, ensuring that all recommendations are backed by thorough analysis.
By leveraging the Needs Analysis Tool, you can confidently deliver customised, well-researched insurance advice, improving client engagement and financial security.
Access
From the Advice Tools home page, select Needs Analysis to calculate the client's Insurance needs.
This screen is specific to the selected client and will be pre-filled with existing Fact Find data.
You may add additional expenses or liabilities by selecting the Needs Analysis + button or selecting one of the existing fields and adding the additions to the editable fields.
Functionality
Input and Review Client Information in Fact Find
Before completing your client's Needs Analysis in Digital Advice Tools, ensure that Fact Find, Superannuation and Insurance data are up to date.
The tool will automatically populate relevant fields with existing client data.
Review Fact Find > Financial & Assets/Liabilities to ensure the following data is correct:
✔ Ongoing Expenses
✔ One-Off Expenses
✔ Liabilities
✔ Existing Cover
✔ Investments
✔ Superannuation
💡Tip
Regularly update client data in Fact Find to ensure accurate needs analysis and risk assessment.
⚠️Important⚠️
Gender & Occupation - These must be entered correctly to generate an accurate Needs Analysis.
Adjust figures manually where necessary. Then use the requisite fields to refine the analysis.
📌Note
You may need to set your Needs Analysis defaults before starting your client's Needs Analysis to ensure accurate and consistent calculations.
Needs Analysis Fields
Controls & Settings
The Controls & Settings section in the Needs Analysis Tool allows you to manage client selections, adjust scenarios, navigate through tools and scenarios, and configure analysis settings efficiently. Below is a breakdown of each field and its function:
Represents the selected client.
*Top left of the screen - Click on the client name you wish to asses insurance for | |
Represents the client's partner.
*Top left of the screen -Click on the client name you wish to asses insurance for | |
Allows you to add:
*Top Left of the screen | |
Select a specific previously saved needs analysis scenario for review. *Top Left of the screen | |
Allows you to navigate to other advice tools - Will show the name of the tool you are in. *Top Middle of the Screen | |
Clears the current Needs Analysis and resets all manually entered data keeping only data from the Fact Find. *Top right of the screen | |
Removes the selected scenario from the Saved needs analysis under the choose scenario menu. If no additional data has been added or the scenario has not been savario the Delete button will be greyed out. *Top right of the screen | |
Allows you to Save the existing Scenario *Top right of the screen | |
Additional insurance covers that may be relevant to the client’s situation:
To opt for a new Income Protection plan, you need to discontinue existing Income Protection for the same period (If Any).
*Top right of the screen | |
Use this option to download a detailed report of your client's needs analysis. *Bottom right of the screen | |
Use the Options button to set the default values for the needs analysis tool:
*Top right of the screen - changes the defaults for all clients |
Client & Partner Name
The selected client is displayed at the top left of the screen. The active selection will be highlighted in colour to indicate which client is currently being assessed.
Click on the Client/Partner name to ensure you are evaluating the correct individual before proceeding with the Needs Analysis.
Adding Financial Components – Needs Analysis +
The Needs Analysis + option, located at the top left of the screen, allows you to add key financial components to accurately assess your client’s insurance needs.
Click on the Needs Analysis + button at the top left of the screen.
Select the financial component you want to add from the following options:
Ongoing Expenses – Add regular expenses that must be accounted for in the analysis.
One-Off Expenses – Include lump sum expenses such as medical costs or funeral expenses.
Liabilities – Factor in outstanding debts that should be considered in insurance calculations.
Existing Cover – Review the amount of life, TPD, or trauma insurance already held by the client.
Investments – Enter the total value of investments that can help cover financial shortfalls.
Superannuation – Add the client’s superannuation balance, which may be used for financial security.
💡 Tip
These fields are pulled from the Fact Find, but you can manually edit them for modelling purposes.
Choose Scenario
The Choose Scenario option allows you to select a previously saved Needs Analysis scenario for review or modification. This feature helps you compare different scenarios and make adjustments based on updated client data.
Click on Choose Scenario from the top menu, and a list of previously saved Needs Analysis scenarios will show.
Select the scenario you want to review. The system will load the selected scenario, including all previously entered financial details.
Review and Edit as Needed.
Navigation Menu
The Navigation Menu, located at the top middle of the screen, allows you to switch between different Advice Tools within AdviserLogic. It also displays the name of the tool you are currently using, ensuring clarity while navigating through the platform.
Locate and select the Navigation Menu at the top middle of the screen to open a dropdown list of available Advice Tools:
Needs Analysis
Insurance Quoting
Superannuation or Investment Research
Asset Allocation Tool
Select the Desired Tool to navigate directly to it without returning to the Digital Advice Tools Screen.
📌Note
Save your Research before navigating between tools
Reset
The Reset button, located at the top right of the screen, clears the current Needs Analysis and resets all manually entered data, keeping only the data originally pulled from the Fact Find.
Locate and select the Reset button at the top right of the screen to clear all manually entered values.
A confirmation prompt will appear to prevent accidental resets.
📌Note
Fact Find Data Remains – Only data originally pulled from the Fact Find will be retained.
💡Tip
Use Reset when you need to start fresh while keeping key client details intact. This action cannot be undone, so double-check before proceeding. It can also be used when creating variations of a Needs Analysis scenario.
Delete Scenario
The Delete Scenario button, located at the top right of the screen, allows you to remove a selected scenario from the Saved Needs Analysis under the Choose Scenario menu.
Locate and select the Delete Button at the top right of the screen to remove the selected scenario from the Saved Needs Analysis list under the choose scenario feature.
A confirmation prompt will appear to prevent accidental deletion.
Check for Greyed-Out Button – If no additional data has been added or the scenario has not been saved, the Delete button will be greyed out and cannot be selected.
💡 Tip
Use Delete Scenario to remove outdated or unnecessary scenarios and keep your list organised. This action cannot be undone, so ensure you no longer need the scenario before proceeding.
Add Scenario
The Add Scenario button, located at the top right of the screen, allows you to save the existing Needs Analysis scenario for future reference or comparison.
Locate and select the Add Scenario Button at the top right of the screen to save the current Needs Analysis scenario.
Enter a Scenario Name – A pop-up window may appear, prompting you to name the scenario for easy identification.
Confirm Save – The scenario will now be stored under the Choose Scenario menu for future use.
💡 Tip
Use Add Scenario to save multiple variations of your client's Needs Analysis, allowing for easy comparisons and adjustments later.
Saved Scenarios will be available for selection where needed in Digital Advice Scenarios.
Other Covers
In Needs Analysis, you can add additional insurance covers relevant to your client’s situation. These cover types help ensure the client has adequate protection for their financial needs.
Locate and select the Other Covers Button at the top right of the screen to open the selection menu.
Choose the relevant insurance cover type and enter the required details, such as:
Income Protection
To opt for a new Income Protection plan, you must discontinue any existing Income Protection policy covering the same period.
This ensures there is no overlap or duplication of coverage.
When assessing Income Protection needs, you will need to enter:
Income Required Per Month ($) | The amount needed to maintain the client’s lifestyle during a claim period. |
Waiting Period | The time before benefits begin after a claim is made. |
Benefit Period | The duration for which the income protection benefits will be paid. |
Additional Income Required Per Month ($) | Any extra income the client may need on top of their existing coverage. |
Child Cover
Allows you to add insurance coverage for dependent children.
Sum Insured ($) | The total amount of coverage for child insurance. |
No. of Children | The number of children to be covered. |
Age Next Birthday | The child’s age at their next birthday, which helps determine eligibility and premium calculations. |
💡Tip
Use Other Covers to assess and add additional policies that align with your client’s unique financial situation.
Entries made in this section will show in the Additional Cover section of the Needs Analysis fields
Download Report
The Download Report option allows you to generate a detailed report of your client's Needs Analysis, summarising their financial position and insurance requirements.
Locate and select the Download Report button at the bottom right of the screen to generate a detailed summary of the Needs Analysis.
A report will be downloaded to your local drive for client records and compliance purposes.
💡Tip
Downloading the report ensures you have a documented summary of your client's insurance needs, which can be used for discussions, compliance, and advice documentation.
Options Menu – Setting Default Values
The Options button allows you to configure the default values for the Needs Analysis Tool, ensuring consistency across all client assessments.
Locate and select the Options button at the top right of the screen to open the default settings menu.
Set the following default values for all clients:
Default Assumed Rate of Return (%) | The expected return rate applied to investments in the analysis. |
Funeral Expenses ($) | The estimated cost allocated for funeral expenses. |
TPD Medical Amount ($) | The assumed medical costs for Total and Permanent Disability (TPD). |
Trauma Medical Amount ($) | The estimated medical costs for Trauma coverage. |
Trauma Duration (yr) | The expected time period for Trauma-related expenses. |
Offset TPD by IP Claim | Toggle On/Off – Determines whether Income Protection (IP) benefits are considered when calculating TPD shortfalls. |
Save the settings to apply them to all future Needs Analysis scenarios.
💡Tip
Adjusting these default values ensures your client assessments align with your practice’s assumptions and financial planning approach.
Steps to Complete a Needs Analysis
Assess Financial Needs
Review the populated Ongoing Expenses, One-Off Expenses, Liabilities, Existing Cover, Investments, and Superannuation.
Editable Needs Analysis Fields
Ongoing Expenses | Regular expenses that must be accounted for in the needs analysis.
*Pulled from the Fact Find - This field is editable by clicking on it |
One-Off Expenses | Lump sum expenses that need to be covered, such as medical costs or funeral expenses.
*Pulled from the Fact Find - This field is editable for modelling by clicking on it |
Liabilities | Outstanding debts that should be considered when calculating insurance needs.
*Pulled from the Fact Find - This field is editable for modelling by clicking on it |
Existing Cover | The amount of life, TPD, or trauma insurance the client already holds.
*Pulled from the Fact Find - This field is editable for modelling by clicking on it |
Investments | The total value of investments that can be used to cover financial shortfalls.
*Pulled from the Fact Find - This field is editable for modelling by clicking on it |
LIFE, TPD, Trauma - Capital Required | The total capital required to meet financial obligations for each insurance type:
*Pulled from the Fact Find - These field is editable for modelling by clicking on it |
Existing Capital (LIFE, TPD, Trauma) | The total assets available to cover the shortfall:
*Pulled from the Fact Find - These field is editable for modelling by clicking on it |
Additional Cover Required | The additional insurance coverage needed to meet financial shortfalls. *Use the Other Covers button to add data |
Adjust values manually as needed to reflect the client’s current situation by clicking on the required field.
Clicking on the field will initially reveal the blue Plus button +.
The Add options will open allowing you to enter the required modelling.
Once added, clicking on any editable field will display it as an editable line for adjustments.
When editing the field you can also copy the values across to other Insurance cover fields. Save your changes to proceed.
📌Note
If you accidentally select a field, simply click the main field again to exit without making changes.
Save Scenario
To Save the Needs Analysis Scenario for comparison, select the Add Scenario button.
A Save As window will open allowing you to enter a Name for your research.
Compare Scenarios
Use Choose Scenario to compare existing vs. recommended strategies.
Identify gaps in coverage and determine if additional coverage is needed.
Review your changes in the Overview Panel on the right side of the screen to ensure accuracy and alignment with your client's Needs Analysis.
Overview Panel
On the right side of the screen, the Overview Panel visually displays the breakdown of your client’s Needs Analysis. Hovering over the pie charts provides a more detailed breakdown of the data.
Overview - LIFE | Summarizes the total required capital, shortfall, and existing capital. |
Overview - TPD | Displays the financial assessment for total and permanent disability insurance. |
Overview - Trauma | Highlights the required capital, shortfall, and existing assets for trauma insurance. |
Shortfall | The amount of insurance required to fully cover the client’s financial needs. |
Existing Capital | Reflects the client’s current financial position based on Fact Find data and the values entered in the Needs Analysis fields.
|
Finalise the Recommendation
Use Advice Tools Scenario to integrate findings into digital advice strategies.
Create and save new scenarios from the Add Scenario button or select a previously saved scenario from the Choose Scenario dropdown in Digital Advice Scenarios.
Digital Advice Scenarios Integration
The Needs Analysis Tool is fully integrated with Digital Advice Scenarios, allowing you to effortlessly incorporate insurance recommendations into your advice process.
When creating a new Insurance Strategy within Digital Advice, you can select a previously saved Needs Analysis directly from the scenario setup.
This ensures that your insurance assessments are automatically linked to the advice being generated, eliminating the need for manual data re-entry and improving efficiency.
📌 Note
When working on a Digital Advice Scenario, navigate to the Needs Analysis section and choose the relevant saved scenario to pre-fill insurance recommendations directly into your advice strategy.