Case Study

“I initially signed up to the free trial but as soon as I started using the system, I didn’t even question paying the monthly fee as it immediately helped me carry out my day-to-day job.”

Bill Divall, Massey Divall Financial Services, on SolutionBuilder®

The Challenge

Bill Divall, Massey Divall Financial Services, is part of the Personal Touch Financial Services network.

Bill offers protection advice for his clients. He previously carried out his research, quote and apply capability with another solution, which allowed him to do the basics but limited what he ultimately wanted to achieve.The previous process was based on the client completing a number of questions in a survey. Massey Divall Financial Services find it rare for a client to have the necessary budget for the recommended protection cover; therefore, based on the results of the survey, providing multiple product options, along with additional premium amounts from the initial recommendation, are typically required.

The limitations he experienced were for multi-benefit quotes. Typically, Bill would sell multi-benefit products from one provider – trying to source premiums with alternative providers would take hours to complete.

The Solution

In October 2015, Personal Touch introduced SolutionBuilder®, a client-centric, research, quote and apply solution, which allows advisers to easily compare both simple and complex protection needs within a simplified and responsive UI. Advisers were invited to attend SolutionBuilder webinars, hosted by iPipeline, to explore how the solution was able to improve their day to day jobs. Bill attended the webinar and immediately thought “that’s going to save me hours!”

From the webinar, Bill felt there were a number of functions within SolutionBuilder, which would help with offering his clients protection cover to meet their needs and budget.

Bill’s practice finds it rare for a client to have sufficient budget for the recommended protection cover. Lowering the cover and premium amount from the initial recommendation is typical, and this is where the matrix helps, enabling Bill to instantly show what the indicated cover amount and the premium will be by just moving the “sliders” on the side of the matrix.

The matrix uses indicative quoting. Bill finds the amounts “spot on” and by using the indicative quoting, he knows immediately if the cover is outside the client’s budget. At this point Bill is able to go back and add further benefits such as life and critical illness. With the results screen ordering the premiums with the lowest costs first, it allows Bill to “plant the seed” about the cost of cover and start the conversation about where to go from there. Being able to then click “select alternative” allows Bill to talk further about what extra cover the client could receive if they could afford it. Carrying out this process before using SolutionBuilder would typically take an hour or more depending on the complexity of the case. With SolutionBuilder, the process typically takes more than half the time.

Unlike the old solution that would only allow Bill to sell multi-benefit products from one provider, SolutionBuilder, allows him and his advisers to source multi-benefit quotes from many providers, compare the solutions side by side, and work out the recommended options in a couple of minutes.

As an example, if you have a client who has more than one need, you can view up to 3 different solutions from a single set of inputs as well as a combination solution. This which allows you to view a solution with income protection as a standalone benefit. If you do need to amend data, minimal rekeying is required.

The Massey Divall Financial Services firm carry out a number of telephone and email appointments. For telephone appointments, they typically use their desktop and allow clients to view their screen via a WebEx session. Bill mentions, “Client buy in is essential and we are constantly working to achieve this.” Once the client is engaged they can start to talk about the types of products they are recommending.

Looking ahead, Bill has plans to use SolutionBuilder in front of a client by taking a tablet out to face-to-face appointments. Use of the tablet will also mean less printing of scenarios. Importantly, use of SolutionBuilder addresses consumers’ growing demands for a digital experience.

Results

“I initially signed up to the free trial but as soon as I started using the system, I didn’t even question paying the monthly fee as it immediately helped me carry out my dayto-day job.” says Divall.

“The benefit of using SolutionBuilder is not only the time saving factor, but also the simplicity of it, knowing that if you need to revisit the cover amount or premium amount, the data is there for up to 90 days, and you only need to change the relevant detail and click requote. Also, it’s the fact that it streamlines the process; you can get all the information you need out of it as quickly as possible, with everything in one
place.”

“SolutionBuilder is enabling me to increase in productivity. I can only see myself getting more out of SolutionBuilder the more I use it”.

Availability

SolutionBuilder is available for £12.50 per month, on a rolling monthly contract. For further information email uk.customer.services@ipipeline.com or call 0345 408 4022.