Software provider Class has partnered with a life insurance platform provider in a bid to further streamline the insurance consideration process for trustees.
Class launched a new integration in development with SMSF Life Insurance Reviews, which is aimed at delivering increased business and risk management efficiencies to SMSF accountants.
Accountants will now be able to pre-fill the annual SMSF life insurance review questionnaire, eliminating manual data entry and reducing the risk of errors, Class said in a statement.
“Our integration with Class enables accountants and their SMSF clients to document the consideration of life insurance for all fund members in a couple of clicks online,” SMSF Life Insurance Reviews director and responsible manager, Brett Wright, said.
“All accountants can use this tool with their clients, regardless of whether they choose to have no licence, a limited or even a full licence for providing SMSF advice and services as of 1 July 2016.”
Class chief executive Kevin Bungard acknowledged the regulations around life insurance for SMSF members can be challenging for accountants.
“SMSF Life Insurance Reviews reduces the complexity down to a two-click online process for Class users and their SMSF clients,” he said.