Omnium has added several industry fund insurance products to its research tool, OmniLife, in an effort to help risk advisers better research what risk insurance products are available for clients in the market.
Advisers using the OmniLife research tool will be able to see the premium and product structures of more than 20 industry fund products, Omnium said.
Despite the differences between retail and industry fund products, Omnium has been able to integrate them into OmniLife where advisers will be able to compare both products in a “like-for-like manner”, the firm added.
“Advisers have been asking for this functionality for a while now, and we’ve taken our time so it can be done properly, so that comparisons between retail and industry are fair,” Omnium director David King said.
Mr King added that the addition of industry fund products to OmniLife comes at a time when more advisers are switching to fee-based advice, with decisions to keep clients on industry funds or to recommend them alternatives need to be properly backed by comprehensive research.
The integration of the products comes with a number of benefits, including functionality that allows product features to be compared side by side, showing features gained and lost.
Other benefits include the ability to quote industry product premium rates on a weekly, fortnightly, monthly, quarterly, half-yearly and yearly basis.