IRESS’ advice and wealth management platform XPLAN has again been rated the leading risk software solution according to the latest report from leading industry research house, Investment Trends. The June 2014 Planner Risk Report examines Australian financial planners’ insurance advice business, including analysis of the primary risk software solutions.
With the majority (89%) of planners benefitting from the use of risk software in their business, the report’s findings highlight XPLAN’s continued growth in this space, with over half of these planners using the solution.
XPLAN users also had the highest average overall satisfaction scores, with more than two thirds rating the risk solution as good or very good, compared to an industry average of 61% rating their most-used risk software as good or very good. In achieving this, XPLAN was rated top in all nine of the key service elements measured:
– Retrieval of insurer’s binding quote documents
– Timeliness of publishing product enhancements
– Range of data feeds available
– Quantitative research
– Integration with insurer’s application process
– Qualitative research
– Production of SoA
– Accuracy of premium quotes
– Range of products researched
When asked what they would like risk software providers to improve, the key areas cited by planners broadly fell into those capable of delivering the greatest efficiency savings, including data feeds, ease of use and streamlining tools. XPLAN’s growing popularity with planners demonstrates recognition of IRESS’ focus on a continuous investment and development program.
Andrew Walsh, IRESS CEO commented: “The risk industry is undergoing a period of significant evolution, as highlighted by this report, with planners expecting upfront commission revenue to fall and be replaced by fees and hybrid commissions. It is vital that the tools are available to facilitate thorough risk research and speedier processes. We have and continue to invest significantly in XPLAN development to the evolving needs of Australia’s financial planning community.”
“Meaningful integration with insurers continues to be a key development area for IRESS, with new integrations having been added since the research for this report was carried out and a number more due before the end of the year. I’m pleased this independent report recognises IRESS’ ongoing commitment to deliver the highest level of functionality and adaptability to XPLAN users.”
