Risk Tools Overview

The purpose of this guide is to provide an overview of Risk Researcher Risk Tools. The Risk Tools can be accessed from the XPLAN menu (outside a client) or from within a Risk Researcher scenario against a client.

• To access the eLearning Module for this course please click on the following link here.

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

Risk Tools

The risk tools allows you to:

• View Cover Availability
• View Superannuation insurance coverage
• View Medical Underwriting Limits
• Generate a Requirements Questionnaire
• Compare Agree Vs Indemnity Income Protection cover
• View products based on provider Insurer Services
• View statistical risk probabilities with the Life Risk Calculator
• View Option Availability
• View Waiting / Benefit Matrix
• Record the recent application or claims experience through Rate My Insurer

Accessing Risk Researcher Risk Tools

To access Risk Tools outside a client:

In the Title Bar at the top of the screen, click XPLAN > Risk Researcher > Risk Tools. The Cover Availability page displays.

To access Risk Tools within a clients Risk Researcher scenario:

Click Risk Tools > Cover Availability.

WealthSolver Insurance

• In the navigation menu, select WealthSolver Insurance. 
• Select an insurance plan from the Select plans to compare list and click the Add icon.
• You can type a value in the text box to filter the list of plans displayed in the drop down list.
• Repeat step 3 until all insurance plans you want to compare are added.
• If you want to include premium estimates within the comparison, select Yes in the Premium Estimates list and enter the client's details.
• Click Compare. The feature comparisons for the selected plans display.
• If required, click Report to generate a PDF comparison report.

Rate My Insurer

Rate My Insurer displays adviser experience ratings for underwriters. Ratings submitted from all XPLAN sites are used to compute the average rating.

View Underwriter Ratings

• In the navigation menu, select Rate My Insurer
  
• You can hover of an underwriter logo to display their name. 

Submit Underwriter Ratings

• In the navigation menu, select Rate My Insurer.
• Click Submit a Rating.
• In the Insurer list select an underwriter.
• For Experience Type select either
  • Application
  • Underwriting
  • Claims
• Select a value for the Overall Rating.
• Option select values for the other listed criteria.
• Click Submit.

Life Risk Calculator

To view statistical risk probabilities with the Life Risk Calculator

The Life Risk Calculator takes a client's age, gender and type of insurance cover and shows:

• Average life expectancy
• Statistical risk of acquiring certain cancers, and relative survival rates
• Probability of claiming against the selected type of coverage
• Likelihood and cause of experiencing a disability lasting longer than 3 months.
• Allows you to generate a list of insurance products from providers that offer certain ancillary services.
• In the navigation menu, select Life Risk Calculator.
• The Life Risk Calculator page displays. Set the client's:
  • Age
  • Gender
  • Type of Cover

Cover Availability

Cover Availability allows advisers to show prospective clients the base costs for basic risk insurance coverage. Using the premiums that a client can afford, a list of products is produced that meets these cost restrictions.

• In the navigation menu, select Cover Availability > Client/Cover Details.
• Fill out the following Client Details:
  
  • Client Name (optional)
  • Occupation
  • Age Next Birthday
  • Smoker Status
  • State of Residence

• Under Cover Details select the Payment Frequency from:
  
  • Monthly
  • Quarterly
  • Half Yearly
  • Yearly

• Select the type of insurance cover:
  
  • Life
    • Tick the Life checkbox
    • Enter the Premium that the client can afford for the selected Payment Frequency 
      
      
  • Trauma/TPD
    
    • To include Trauma or TPD insurance, tick the Trauma and/or TDP checkboxes then enter the percentage of the Life coverage value for the selected option
      
      
  • Income Protection
    
    • Tick the Income Protection checkbox
    • Enter the Premium that the client can afford for the selected Payment Frequency
    • Select the Type of income protection cover of either:
      • Agreed
      • Value 
      • Indemnity
        
        
    • Select the:
      • Waiting Period 
      • Benefit Period
        
        
    • Tick the checkboxes for any Options to be included.

• In the navigation menu, select Cover Availability > Cover Estimates.
   

• A list of found policies displays.
  
  

The following actions can be performed on the Cover Estimates results:

• Different types of cover are listed on separate tabs. Select a tab to display policies for the selected type.
• The list of found policies can be sorted by any column by clicking on the column title.
• Stepped and Level premium coverage for each policy is displayed in the respective columns.
• The red dot marker indicates that this product is not available. Click the marker to display the reasons for this.
• Click Show Graphs to display a graphical comparison of policy coverage for both Stepped and Level premiums.

Waiting/Benefit Matrix

The Waiting / Benefit Matrix allows you to specify some basic details and then generate a premium matrix of the available combinations for the selected product.

• In the navigation menu, select Waiting / Benefit Matrix.
• Under Client Details set the personal details for the client.
• Under Cover Details set the details for the client's coverage.
• Click Generate Premiums.
• The Waiting / Benefit Matrix displays.

Agreed vs Indemnity

Agreed vs Indemnity allows you to compare an Agreed Value IP product against an Indemnity IP product.

• In the navigation menu, select Agreed vs Indemnity. The Agreed vs Indemnity page displays.
• Under Client Details set the personal details for the client.
• Under Cover Details set the details for the client's coverage.
• Click Generate Products. The lists of IP products are updated to meet the client's Cover Details.
• Under Product Details select the Agreed Value and Indemnity products to be compared.
• Under Premium Estimates the premium details of both products are displayed.
• You can client Ratings to view the ratings for both products.
• Click Print. The Report Selection dialog box opens.
• Tick the checkboxes for the information you wish to include in the generated report.
• Click Ok.

Option Availability

The Option Availability Risk Tool allow you to view the premium options offered by selected insurance products.

• In the navigation menu, select Option Availability.
• On the General Details tab:
  
  • Select the client's Primary Occupation.
  • Select the Type of Policy.
  • Tick the checkboxes for Package Type to select the types of package you wish to view.
  • Tick the checkboxes for the Common Premium Options and Non-common Premium Options you wish to view.Click the Information icon to view information on the premium options.
    
    
• On the Eligible Products tab tick the checkboxes for the products you wish to view.
• Click Option Availability.

Medical U/W Limits

Based on a client's age, type of insurance coverage, and sum insured, you can view the Medical Underwriting Limits for eligible underwriters. 

• In the navigation menu, select Medical U/W Limits. The Underwriting Limits page displays.
• Set the following options:
  
  • Age Next Birthday
  • Policy Type
  • Sum Insured for the selected Policy Type.
    
    
• Click Determine Eligible Packages. A list of eligible policies is generated.
• Tick the checkboxes for the policies to view medical underwriting details.
• Click Medical Limits Grid to view the applicable underwriting requirements for the selected policies.