The Recommendations tab brings together the client's existing cover and the products you marked on the Quotes tab. Here you set a status for each policy, check product and cover details and compare the recommended product with existing cover. Then you complete the scenario so it can be included in the plan.
Review Policy Details
Policies are grouped into three sections:
Existing Covers – the client's current policies
Recommendations – products marked Rec on the Quotes tab
Alternatives – products marked Alt on the Quotes tab
Each row shows the super and non-super premiums, the total premium and the Status.
Click the arrow beside a policy to expand it and see each cover's definition, owner, life insured, benefit amount, waiting period and benefit period.
For existing covers, you can change the Owner from the expanded view.
Set the Status of Each Policy
Select a Status from the drop-down beside each policy. A Status updated message confirms the change.
Policy | Status options |
Existing cover | Hold, Replace, Cancel, Vary or Exclude |
Recommendation | Recommend |
Alternative | Alternative, or Like for Like once it's included in a like-for-like comparison |
Note: Setting an existing cover to Replace opens the Replacement Analysis. See Complete the Replacement Analysis below.
Complete the Replacement Analysis
When an existing policy is being replaced, record the replacement analysis for the advice document.
Set the existing policy's Status to Replace. Replacement Analysis opens, showing the existing policy and its covers at the top.
Under Select Replacement Products, tick the recommended product that replaces it.
Complete each tab:
Differences in Benefits – the features gained and the features lost by replacing the policy. Untick any feature you don't want to include.
Costs of Replacement – enter the costs of replacing the existing policy.
Reasons for Replacement – enter the reasons for recommending the replacement.
Click Save. A Replacement analysis saved message confirms it.
Tip: To change it later, click ⋮ beside the existing policy and select Edit Replacement.
Note: Differences in Benefits comes from the product research, so it's only available when the existing policy is linked to its product. If the policy can't be linked (for example, Severity Based Illness cover), cover the differences in your advice document instead. See Insurance Research: Can't Find an Existing Product to Link.
View Product Details
Click the vertical ellipsis (⋮) beside the policy and select View Details.
Product Details shows the Policy Name, Policy Status and Underwriter, with three tabs:
Details – premiums, stamp duty and frequency for super and non-super, the date generated, policy fee and total premium
Cover – each cover with its definition, owner, life insured, benefit amount, waiting period and benefit period. Click ⋮ beside a cover and select View Details to see the full Cover Details.
Fees – policy fees
Update the details if needed and click Save.
Vary Existing Cover
If the client is keeping an existing policy with changes:
Set the existing policy's Status to Vary. Vary Existing Cover opens with the policy's current details.
Check the Life Insured, Provider and Policy Description.
Under Premium Details, update the Premium, Stamp Duty and Frequency for super and non-super. The Total Premium updates as you go.
Under Cover Details, update each cover being varied (Life, TPD, Trauma, Income Protection, Business Expenses and Severity Based Illness). For example, change the Sum Insured, Premium Style, Ownership, Definition, Waiting Period or Benefit Period.
Click Save.
Tip: The ⋮ menu beside an existing policy also has View Details and Link Products, to link or re-link the policy to its product.
Add a Manual Recommendation
Click Add Manual Recommendation to add a product that wasn't returned in the quotes.
Compare Like for Like
Like for Like compares the recommended product with the client's existing cover and any alternatives, feature by feature.
Click ⋮ beside the recommended product and select Like for Like.
On the Details tab, check the Recommended product at the top.
Under Existing Products, tick the existing policy to compare. Check its premiums and cover details. Click Change Linked Products if the policy is linked to the wrong product.
Under Alternative Products, tick each alternative to include in the comparison. Alternative product details are read-only.
Select the Compare tab to see each feature side by side, with a tick or cross for each product.
Untick a feature, or Include in Report, to leave it out of the report.
Click Save to Reports to save the comparison, then click Save.
A Like for like saved message confirms it. Alternatives included in the comparison change to the Like for Like status.
Note: An existing policy must be linked to its product before it can be compared. See Plan Authoring: Insurance Research – Client Details and Existing Cover.
Remove a Policy
Click ⋮ beside a recommendation or alternative and select Remove.
Complete the Scenario
When you've finished, click Complete Scenario.
You're returned to the plan's Research chevron, Insurance tab, where the scenario's Last Modified date and user are updated.