Insurance advice being scaled through technology

Netwealth’s AdviceTech 2018 Report found that 72.5 per cent of advisers using technology to make their advice more scalable are applying that technology to insurance offerings.

“Scaled advice refers to one-off limited advice strategies – where a statement or record of advice is generated specific to that piece of advice,” the report said.

“Scaled advice is offering a new business model to advice practices and a new value proposition to their clients.”

However, while more than 72 per cent of advisers using technology to achieve scale are applying it to their insurance offerings, only 13.11 per cent of advice businesses are using scaled advice technologies for end-to-end pre-configured advice provision, and almost half of these advisers (45 per cent) only use the technology with 25 per cent of their client base.