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Fidelity gets behind risk advice software

Fidelity Life has emerged as the second insurer to support the risk advice system developed by Rotorua-based firm, Risk Management Solutions (RMS). According to Chris Louisson, RMS founder, Fidelity has come in "boots and all" behind the group's Life Risks Report Writer software by offering its allied advisers the system at a discounted price.

Thursday, May 15th 2008, 4:21PM

by David Chaplin

ING Life has already been promoting the RMS products to its associated advisers as well as helping with further research and development of the system.

Currently, well over 70 insurance advisers in New Zealand are using the RMS software, including the 20 or so operating under the burgeoning life advisory arm of fire and general brokerage firm Crombie Lockwood.

Louissan said he would be presenting the RMS products to over 100 Fidelity-affiliated advisers over the next three weeks.

The group, which is 25%-owned by Australian financial services firm Professional Investment Services (PIS), has three software products designed to help advisers ascertain and manage a wide range of client business and individual risks.

As well as its flagship InControl Risk Management Audit Report Writer, which is targeted mainly at accountants, RMS also offers both a business and private version of its Life Risks Report Writer.

Louissan said the software allows insurance advisers to produce a comprehensive risk assessment report for clients that includes recommendations for cover.

However, the RMS software does not recommend products of any particular insurer.

According to Louissan, with compliance now becoming more important advisers need to follow a well-documented advice process.

He said the RMS products would help advisers to "embrace compliance rather than fear it".

RMS is also scheduled to release an Australian version of the life risk software in July, initially through the advisory arm of equity partner PIS.

PIS is the largest financial planning group in Australia with just over 1,500 advisers on its books.

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