1. The types of cover selected will now appear in the Cover Selection panel.

2. The next step is to complete the General Options Panel. You may find when you access this screen, no fields will be displayed. Click on the icon to expand the screen. Here, information such as indexation, S&P ratings, super or non super can be entered to filter out the search results for the list of Insurance products that are available through the different Insurance companies.

   Understand how to enter the General Options details in a Risk Researcher scenario.

   • To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on July 28, 2016)

3. Click on the checkbox if a Fee for Service / Nil Commission is applicable to this policy. When Fee for Service / Nil Commission has been selected here, you will only be able to set the Plan Preparation Fee and Fee Notes.

   Learn how to set the Commission structure for your Risk Researcher scenario.

   • To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Feb 25, 2018)

4. Select the Risk Product type, either “Ordinary and Superannuation”, “Ordinary only” or “Superannuation only”.

5. The Scoring Methodology option gives you a choice between 'General' and 'Scenario' scoring. The setting applies to Premium Modelling. Whilst these options take into account the A-B-C ratings awarded to each policy definition, the underlying calculation differs. General scoring provides an indication of the feature richness of a policy as a whole, without taking into account specific parameters of the scenario that is being modelled. Scenario scoring provides a product score which is directly linked to premium option(s) that have/have not been selected as part of the scenario. Inbuilt benefits are automatically included under this method.

6. Enter the rate of indexation to apply to the projections in the What rate of indexation do you wish to apply to projections? field.

7. Select if the client is an existing AIA Vitality member in the Do you have an existing AIA Vitality membership field. AIA Vitality is a health and wellness program, encouraging members to get healthier and earn rewards including discounts on premiums and cashback in certain circumstances.

8. In the Are you planning to apply for AIA Vitality field select if the client is planning to apply if they are not currently an AIA Vitality member. They may still be eligible for a premium discount.

9. Select the S&P financial strength in the What S&P financial strength requirements do you wish to apply? field. The financial strength rating provides an indication of a life company's credit worthiness. Insurers rated ‘BBB’ or higher are regarded as having financial security characteristics which outweigh any vulnerabilities and are highly likely to have the ability to meet financial commitments. Not Rated or Better provides the largest choice available for the recommended Insurance.

10. Click on the dropdown arrow in the Select Approved Product List to use field to make the choice of whether the Insurance is to be within a certain approved product list, or from an unrestricted list. 

Premium Estimate

Understand the Premium Estimates page in a Risk Researcher scenario.

• To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on July 28, 2016)

1. Premium Estimate reports can be generated by clicking on the Reports button and selecting from the report types available.

1. Click on the Actions button and select from the options available in the menu. The Actions button allows users to view projections and graphs for each of the products. Users can also compare the product ratings, features, medical underwriting and other features as well as filter the product lists.

We have the option to recommend a product for each type of cover or select a packaged product. We will now demonstrate how to select a product using each of these methods.

How to select a product for each type of cover:

1. Whilst in the first tab (in this example, Life with linked TPD/Truama), click on the check box in the Select column for product you are recommending.

2. If you have another product, click on the next tab (in this example, Income Protection) to view the products for this type of cover.

1. Click on the check box to select the product you are recommending for the Income Protection cover. Once you have selected the products for each type of cover, the next step is to click on the Next button or select Recommend in the left menu. However, we will firstly demonstrate how to select a Packaged product rather than individual products for each cover.

The product we have just selected will now appear in the Policy Recommendations panel.

1. To select the cover within the policy that you are recommending, ensure you’ve selected “Recommend and Acquire” for each type of cover under the recommendation column. You can also update the status of the recommendation to “Client Request” if the client has specifically requested the product and cover or to “Not Accepted” if the policy has not been accepted by the client.

2. In some instances, the premium that appears in the recommended panel, can be different to the quote. If required, you can edit the premium by clicking on the edit button in the Premium column.

3. The owner can be set at cover level by clicking on the dropdown box in the Owner column. This give provides clarity on ownership structure (also caters for ownership both inside and outside of Super). You can also set the owner to a hidden client if required.

4. If the cover is held via a super fund click on the check box. This checkbox will be "read only" depending on the options selected in the cover and product recommendations.

1. Select the underwriter of the client's existing policy from the available list in the Select an Underwriter field.

2. A Tab will appear for each of the types of cover held under the policy.

3. In each Tab select the policy cover the client currently holds by clicking on the appropriate tick box. It is important that you select the correct policy cover as Risk Researcher will compare the features for the selected policy cover.

4. You also have the option to filter the listed policies to show current product only, closed (expired) products, or both current and expired products by clicking on the options in the Show field.

5. Click OK once you have finished selecting the policy covers. You will return to the Replace screen.

1. Click on the tick box next to the products you will be recommending to replace the existing policies.
   
   The next step is to complete the replacement advice details by completing each of the Tabs for the Costs of Replacement, Reasons for Replacement, Differences in Benefits and Other Consequences of Replacement.
   
   
2. Enter text into the text box for the Costs of Replacement of the insurance products. Important - Please note this tab does not flow through to the SOA.
   
   
3. Click on the Reasons for Replacement tab.

1. Enter text into the text box for the Other Consequences of Replacement of the insurance products. Important - Please note this tab does not flow through to the SOA.

2. Click on the Save and Close button once completed.

Commission Details