Quality Analyser: Helping advisers compare products based on quality
Quality Analyser (QA) is a product and proposition comparison service for protection, workplace, platform and software.
The tool provides advisers with a comprehensive range of information on products, propositions and software designed to help them run their businesses.
The tools includes an extensive research tools to compare products and propositions for life and pension providers, platforms and other organisations supplying personal finance products. A similar range of comparison tools to help advisers compare different software services.
The system enables the user to select the product features that are important to their client, weight them in order of priority and then run a detailed comparison of who offers those features as well as how these are offered.
Users are able to build templates within the system which will save their selections and weightings in order to run through the system faster when advising similar clients.
The system enables users to run comparisons of workplace pensions (including Auto Enrolment Solutions), protection products and also includes a detailed due diligence tool for platforms.
QA provides several output report options including a two page summary report, a detailed report showing the overall result and results for each feature selected and the same detailed report including all the questions asked in the underlying benchmarking as well as the responses from up to the top 6 providers.
The comparison tool includes a filter feature which enables the user to select certain features that offering must have. If providers do not offer these features they are filtered out of the results.
For firms that want to bespoke the tool, F&TRC offer an express version of QA where the firm can build their own templates according to different demographics of client. Users from this firm can then select the demographic of client they are advising from a matrix and will be provided the results within a few clicks of the mouse.
FTRC have put together a panel of medical practitioners in order to assess critical illness definitions. Each critical illness definition is given a score from 0-100 based on the likelihood of the insurer paying a claim if a client is positively diagnosed.
The doctors have sourced age banded incidence data for each condition. This allows FTRC to apply a relative weighting to each condition based on how likely the client is to suffer from it during the term of the plan. Therefore conditions that are more prevalent make a bigger impact on a providers score than those that are less relevant.
Robert says:
“Quality Analyser (QA) continues to provide an unrivalled amount of data that helps benchmark products and ascertain supporting evidence of the quality of a product .”
Our Thoughts
GOOD FEATURES
- Quality Analyser helps users to validate their product recommendations.
- Allows users to drill down into the detail of individual features within a product.
- Ability to create templates enables firms to asses the underlying quality of a product at speed.
GREAT FEATURES
- Underlying scoring mechanism provides valuable insight into the quality of a product.
- The tool provides insight as to the conditions that an individual is most likely to be diagnosed with based on their personal credentials.
Improvements
- New User interface.
- Integration with back office provider.
- Report generation customisation.
