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Overview
The Cancel Existing Policy Insurance Strategy is a Custom Strategy in AdviserLogic’s Digital Advice module. It provides a pre-filled template designed to support advisers in documenting a recommendation to cancel a client’s existing insurance policy that is no longer appropriate, redundant, or overlapping with other cover. This strategy streamlines your advice writing by giving you tailored, editable text that fits within a compliant Statement of Advice (SoA).
Custom Strategy
The Cancel Existing Policy Insurance Strategy is a Custom Strategy, a template with prefilled text relevant to the recommendation, rather than a strategy that calculates data.
Custom strategies are designed to reduce the time and effort required for drafting in the advisory process. By providing pre-filled text data relevant to the selected strategy, advisors do not need to start from scratch, saving valuable time.
To learn more about Strategy Types, please read the Strategy Cheat Sheet.
Cancel Existing Policy Insurance Strategy Selection
Please follow the step-by-step instructions below to prepare advice for the Cancel Existing Policy Insurance Strategy.
📌Note
Before completing this advice, you can model an Insurance strategy in the Cashflow Module. The modelling can be added to the advice to support your recommendation.
From the Digital Advice - Scenarios Screen, select the Add Scenario icon.
Select the Client the advice is for, or select Joint to create advice for your client and partner. Select the type of advice ( SoA or RoA), then Proceed To Scope.
Select the Cancel Existing Policy Insurance Strategy from the Strategy screen, then select Proceed. Link the client's Goals or skip this step.
Cancel Existing Policy Insurance Strategy
To adjust your Advice text, use the Editor Tool at the top of a Word document-inspired page.
It's a user-friendly feature enabling you to customise your text as needed.
📌Note
Hovering over each icon in the tools ribbon will show what it does.
To help you with your task, the text area has been designed with a main heading followed by tables showing the details of the client and partners' Existing Insurance Policies. Along with two headings where you can outline:
Why My Advice Is Right for You - Add the reasons for which you have recommended the strategy to the client, along with their benefits.
Risks and Things to Consider - Add risks and consequences
Edit the Advice Document
You may also edit the advice document from within the scenario by selecting the Preview button from the top right of any screen within a digital advice scenario and following the Advice Editing Instructions.
Fee Disclosure
After editing the text to your liking, select the Proceed to Disclosure Fees button at the bottom right of the screen. From there, add your fees and complete your advice.
Link Cashflow
After completing the advice, you may add any previously created cashflow modelling to the scenario by selecting the Link Cashflow option from the Scenario Tile. The cashflow tables will be drawn into the final advice document.
