Web service to fill out GPS
PlanTech is adding the final touches to a web-based service that will automatically populate the Generic Personal Statement (GPS), a document that standardises the way information is sent to insurers, with existing client information.
PlanTech Consulting Group chief executive officer Tony Smith said the service, called AppCentral, would allow advisers to complete life insurance applications for their clients and submit the information electronically to any of the 11 life insurance companies that accept proposal for life protection cover in the GPS format.
The GPS, which was introduced in October 2005, was developed by the financial planning industry for risk advisers. It standardises the way client information is submitted to insurers and replaces all the health, occupation and activities questions that are normally included in an insurer’s application form.
The document was created to streamline the underwriting process by ensuring clients are only required to complete one personal information form when applying for cover, but was previously only available as a form for download from a website, www.thegps.com.au.
Smith said the GPS through AppCentral would be integrated into PlanTech’s CRM, Research and Planning modules.
“For advisers, it will result in faster processing of applications for their clients and an estimated reduction of 75 per cent in the time taken to complete applications.”
He said underwriters would also benefit from receiving complete, valid and legible applications containing fewer errors.
Smith said the system catered for multiple lives as well as the requirements of numerous underwriters for each life insured, and allowed lump sum business to be placed with one company and income protection with another for each insured client.
He said PlanTech was also well underway with developing a provision for underwriting to be built into the system.
According to the founders of the GPS initiative, only AMP has yet to confirm its acceptance of the GPS form.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
