Business Risk Module Overview

The business Risk module draws information from the Business Risk Fact Find to formulate the Business Risk Exposure Shortfall and enables you to:

• Review/Amend the company's risk analysis

• Generate Insurance Quotes

• Make an Insurance product recommendations (Including replacement advice)

OPEN BUSINESS RISK MODULE

1. From the Home page, click the relevant business entity.
   
   
   
   

2. From the Client Menu, select Comparison Tools

3. Click Business Risk
   The Business Risk Module now displays
   
   
   

SCENARIO INDEX PAGE

1. The  scenario name created when completing the Business Risk Client Profile should display here. Note: If you have followed the process outlined above, you do not need to create a new scenario.
   
   
   
   a. Click the scenario. The Introduction Page now displays.

INTRODUCTION PAGE

1. Tick the sections that you would like to review or update. If not required, leave all boxes un-ticked.
   
   TIP: If you have fully completed the analysis section of the Business Risk Client Profile wizard, you should not need to tick any of these sections.
   
   
   
   
   
   
2. Click "Next". The Existing Policies page now displays.

EXISTING POLICIES PAGE

1. All existing insurance policies entered in the Business Risk Client Profile display here.
   
   
   
   a. Select a recommendation option from the drop down list.
   
   TIP! Replacement Policies: If you are considering, or know you will be, replacing the policy, select "Replace". This activates the Replacement Advice Report option in the Summary of Recommendations page (refer next section) which will enable you to construct an insurance replacement advice that will flow through to the SOA.
   
   b. Click "Next". The Summary of Recommendations page now displays.

SUMMARY OF RECOMMENDATIONS PAGE

The Summary of Recommendations page allows you to search for, and select risk products you are recommending to your client.

Risk Exposure Shortfalls

The following Risk Exposure Shortfalls panel displays the risk exposure for the business.

a. The Risk Exposure Shortfalls is calculated based on all information entered in the Business Risk Client Profile.

b. Click  to expand the panel and  view more information.

Summary of Recommendations

1. To select your recommendations, click the 'Actions' drop down list. Select 'Recommend New Policy'. This action directs you to Risk Researcher.
   
   
   
   Note: If 'Manual Recommendation' is selected, the recommendations will need to be manually entered into the pop up window. This option does not direct you to Risk Researcher. 
   
   

   Personal Details & Shortfall Summary Panel

2. The client's Personal Details and Shortfall Summary panels automatically populate with the data that was entered in the Business Risk Client Profile wizard.
   
   
   
   a. Check the client's personal details to ensure the information has populated correctly.
   Note: Accurate data is important as Risk Researcher uses  this information to calculate the insurance premiums and generate the insurance quotes.
   
   

   Cover Selection Panel
   

3. This panel enables you to select the type of cover you would like to recommend.
   
   
   

   a. In the Cover Selection panel, select the relevant cover type from the drop down menu.

   b. Click the + (Add) button. This directs you to a new page to enter the cover you are recommending:
   
   
   

   c. Select the relevant options based on your recommendations. Note:
   
   - Ensure you have the correct Life Insured selected.

   - Ownership Structure - select whether  you want the recommended insurance policy to be held inside or outside of super.

   - Sum insured automatically populates based on the Risk Exposure Shortfalls. This can be edited if the recommended level of cover is different.

   - Flexi-linked option automatically adjusts depending on the ownership structure selected.

   - If known, enter the correct Loadings percentage for a more accurate insurance quote. Click the 'calculator' icon to open the BMI calculator. 

   
   
   - Income Protection Cover type will appear if 'Income Protection' was selected in the Cover Selected page.
   
   
   d. In the Cover Options panel select how you wish to structure the insurance recommendation(s).
   
   Select the relevant options based on your recommendations:
   
   
   
   Note: Premium Frequency will affect insurance premiums - as yearly premium frequency is generally somewhat cheaper than monthly, quarterly or half yearly premiums.
   
   e. Dependent on the cover type selected in the 'Cover Selection' page, the following panels will display. These panels allow inclusion or exclusion of any provisions relevant to the type of cover being added.
   
   

   Life Options Panel                                                       TPD Options Panel
   
   
   
   Trauma Options Panel                                         Income Protection Options Panel
   
                  
   
   f. Select the relevant options for your recommendations.
   
   

4. Once all the relevant options have been selected, click Save. This saves the cover selections and directs you back to the 'Cover Selection' panel.

5. Repeat steps 1 - 7 to add the remaining recommended covers for all insureds.

Global Options Panel

This panel is used to select further policy level assumptions for the overall policy recommending being modeled.

1. Select the relevant options. Important:  Your Licensee Approved Product List will display in the 'Select Approved Comparison List to use:' drop down menu (refer below):
   
   

Note: Select the Global options to display all insurance products on your licensee Approved Product List and the Alternative Approved Product List.

Commision Structure Panel

This panel is used to state the commission structure that will be applied for the recommended policies.

Note: The products that display here depend on your Licensee's Approved Product List and Alternative Approved Product lists.

1. Select the relevant commission structure for all products you wish to consider.

2. Click Next. The Premium Estimates page now displays.

Premium Estimates

This page displays all available policies for your client. A list of all available product and indicative premiums for the different policies displays here.

1. To sort the list, click the relevant column heading by which you wish to sort the list for example, to sort the list by Underwriter, click the Underwriter column heading. This sorts the list alphabetically - by Underwriter - which makes it easier to compare products.

2. To select a recommended product, click on the Rec box.

   Note: More than one product, per tab, can be selected.

3. If you are not packaging the recommended covers, you will need to work through each tab (highlighted in the image above) and select the recommended cover within each tab.

4. Package tab/s: These tabs enable you to package together multiple covers to take advantage of the premium discounts for bundled packaged covers. Refer below:

   
   
   

   a. Click the 'Package' tab.

   b. Select the covers you would like to package.

   c. Determine how you want the Super and Non Super premiums to be paid.

   d. Click 'Apply'

   Note: It is highly unlikely Risk Researcher will allow you to package similar policies, such as Life with TPD and a second Life with TPD policy. If you are considering packaging, you will need to source a packaged quote from the provider. We recommend that you leave the product selection per cover needed so that the purpose can flow directly  into the advice document.
   
   
5. A list of all available packaged cover now displays:
   
   
   

   e.  To select the insurance package you want to recommend, click the Rec tick box.

   f. If cover is rejected by the insurer, click the icon to view the rejection reason.

   g. To validate the insurance premium, or lunch an insurer's quote software, click the Premium Validation icon. 

   
   
   
   h. The following option displays:
   
   
   

   i. To launch the insurer's quoting software, click the Quote & Apply option. You will be required to enter your login details (the cover details will pre-load from Risk Researcher into the quoting software).

   j. To display the following pop up window, click the Premium Validation option:
   
   
   
   

   k.To download and open the insurance premium, click the PDF icon.l. To save the insurance quote to XPLAN Notes, click the Save to Scenario button.
   
   

6. Once all recommended cover has been selected, click the Back to Summary button. This directs you back to the Summary of Recommendations page in the Business Risk Module.

 
Summary of Recommendations

1.  All insurance policies selected now display here:
   
   
   
   

   a. Choose the appropriate owner for each policy from the drop down menu. Note: You may need to search using pencil (Edit) icon to locate the entity you are looking for.

   b. To select the policy purpose for each policy, click the magnifying glass icon and select an option from the list (refer below)

   
   
   
   
   
2. To produce the SOA, you need to disclose the fees associated with the product. Click the Actions Button and select 'Fee Disclosure' from the drop down menu.
   
   
   
   
3. The following pop up window now displays:
   
   
   
   

   a. Tick the Premium - Year 1 and Premium Renewal tick boxes.

   b. Review the premiums and commission amounts. If required, change the premium and commission amounts if required as this will flow through to the SOA.

   c. For all recommended insurance policies, scroll down and repeat the above steps.

   
   Tip: Replacement Policies: In order for Risk Researcher to bring through the steps for a Replacement Policy (i.e. so the SoA displays the differences between what the client already has and what is being recommended), clickk on Actions/Replacement Advice. Note: The Replacement Advice option only activates when 'Replace' is selected in the Existing Policies page.
   
   From the Replacement Advice screen:
   

   i. Click on 'Link'

   ii. Select the existing policy details

   iii. Select the policy that will be doing the replacing.

   iv. From the 4 tabs that displays, select the 'Differences in Benefit's tab.

   v. Select those features that the client will be losing or gaining as a result of the proposed change. Tip: Select what's important to the client, given their goals and circumstances.
   
   

   d. Once complete, click the Save and Close button.

   e. Click Save and Exit. The process and steps for the Business Risk Module are now complete.

  
APPENDIX 1 - ACTION BUTTON OPTIONS WITHIN THE PREMIUM ESTIMATE SECTION


In the 'Action' menu button, there are a number of options available:

 The table below provides descriptions for each options within the Actions button:

APPENDIX 2 - ACTION DROPDOWN MENU OPTIONS WITHIN PREMIUM ESTIMATES

The table below provides descriptions for each option within the Action drop down button:

Tip! In Summary of Recommendations, the 'Scenario Reports' button  (to the left of the Actions button) can be used to force any reports you have generated into the client Notes section. The Scenario Reports button is the same as the personal risk version of the same option, but is in this case it's a separate button, rather than one of the Actions drop down options.

Having these reports in the client file will help comply with the obligation to have your comparison research on file and will be a record you can reference when the plan is eventually assembled.

Advice Construction 

The next stage in the process is to generate the advice using the NAF Advice Constructor Wizard. This stage of the process is documented in the User Guides outlined below.

Refer to the relevant User Guides on the Advice Capability Centre (ACC) for step by step instructions on how to generate the advice output:

1. Advice Constructor - Statement of Advice (SOA) User Guide
2. Advice Constructor - Record of Advice
3. Advice Constructor - Strategic Review SOA Used Guide
4. Advice Constructor - Review Report and ROA User Guide

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