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Overview
In AdviserLogic’s Digital Advice, the Retain, Increase or Decrease Existing Insurance strategy allows you to document and justify recommendations related to a client’s current insurance policy. This includes advising that the client keeps the policy as-is, increases the level of cover, or decreases it based on their risk profile, needs analysis and advice objectives. The strategy guides integration of existing insurance data and helps you ensure advice remains compliant and clearly articulated in SoAs and RoAs.
Retain Insurance Strategy Selection
Please follow the step-by-step instructions below to prepare advice for the Retain 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 Retain Insurance strategy from the Strategy screen, then select Proceed. Link the client's Goals or skip this step.
Choose Options
The Retain page includes a tile summarising the Existing Policy and an editable Needs Analysis section.
Choose the client the advice is for by selecting their tab from the top of the strategy pages.
📌Note
If a client has no existing insurance, they will be greyed out and not selectable.
Apply each client's Retain strategy options before Proceeding to Recommend.
The Existing Insurance tile has options to Retain, Increase or Decrease the client's existing insurance.
Selecting any of these options will open the edit Insurance screen.
Retain
For a simple Retain strategy, no changes should be necessary, however, changes can be made except for the Sum Insured and the Provider. Enter the necessary changes and Save.
📌Note
You can change the provider, but won't be able to save the advice. If you accidentally change the provider, please return the provider to the original to proceed.
Increase
Opening the Increase option allows you to change the Sum Insured, however you still cannot change the provider. You can also add covers as required. Enter the necessary changes and Save.
📌Note
The amount entered must be higher than the original amount.
Decrease
Choosing the decrease option also allows you to add covers, however, the primary purpose of this option is to recommend reducing the insurance amount. Add the necessary changes and Save.
📌Note
The amount entered must be lower than the original amount.
Justifications
Apply new or previously saved justifications by selecting the Add Reason button from the bottom right of the window.
Saving the changes will navigate back to the starting page, where you will now see a summary of the options with the Needs Analysis. Each section is editable.
Link Needs Analysis
The Needs Analysis section allows you to link saved Needs Analysis research from advice tools.
Select Needs Analysis, then choose the previously saved research.
Once all the elements of the strategy are complete for both Client and Partner select Proceed to Recommended
Recommended
The Recommended section will show the recommendations for the Client and Partner. The partner will show no recommendation tile if they have no existing insurance, the advice will show as completed for both.
If you do not need to complete Insurance advice for the partner, you may Proceed to Disclosure Fees by selecting this button from the options in the bottom right of the Recommend window.
This section is also where you can choose other insurance recommendations for clients not previously selected.
Additional Options:
Add More Strategies - Add further insurance strategies to your advice - this option walks you through the entire strategy, including needs analysis and comparison screens.
Recommended + - Add further cover in edit insurance screen - this option doesn't walk you through the comparison or recommendation screens
Proceed to Disclosure Fees - Add advice fees to the advice
Download Report - Download a comprehensive report to add to your advice.
Add More Strategies
Choose this option to add additional Insurance strategies for the selected client.
Choose from:
Recommended + Custom Strategy
By selecting the Recommended + option from the top left of the Recommended window, you can walk through the strategy and quickly add cover recommendations for a custom strategy.
Choose the covers to add, then the Done button, ensuring the Status reflects the Recommendation setting.
Enter the particulars for the recommended cover and Save.
Add Justifications before proceeding. Once completed it will navigate back to the Recommended page where you will see a new recommendation tile marked as a Custom Strategy.
📌Note
This will not walk you through the entire strategy, as the Add More Strategies button allows
After completing the strategies for the client and partner, please select Proceed to Disclosure Fees.
Edit the Advice Document
You may edit the advice document from within the scenario by selecting the Preview button from the top right of any screen within a digital advice Insurance scenario and following the Advice Editing Instructions.
Fee Disclosure
After editing the text to your liking, select the Proceed to Disclosure Fees button located at the bottom right of the screen. From there, you can 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.
