Research provider unveils plans for online PHI, annuity and CI tools
ntermediary research tool provider Synaptic Systems is to add an instant quotations capacity for annuity, critical illness cover and PHI to its desktop solutions sold to brokers.
It does not, however, have the capacity yet to supply instant quotations for annuities, critical illness cover or PHI but this is something that the group hopes to ready for launch in the spring.
The new functionality on the system, which also creates an electronic audit trail and a compliance friendly 'reasons why' letter for clients, is undergoing testing and marks Synaptic's bid to catch market leaders Exchange FS, which already has the ability to provide quotations in these product areas.
Synaptic, which supplies data to IFAonline among other web-based fund resources, is also set to launch an updated version of its Fund Analyst product research database and tool in the spring.
Intermediary testing is underway on Fund Analyst with a view to adding new functionality, which will include fund data for funds in the offshore market, that are not FSA recognised.
The product carries performance and portfolio data from around 3,000 unit trusts and Oeics, 550 investment trusts, 2,000 pension funds, and 4,000 FSA-recognised offshore funds. Ethical funds are also split out from each grouping to produce a universe of around 500 funds.
Darren Bayley, marketing manager at Synaptic, said the move to include non-FSA recognised funds reflected the needs of the marketplace, where some intermediaries are setting up a non-regulated arm to their businesses.
The desktop-based flagship products Product Research Professional and Fund Analyst, which are updated monthly through compact discs, currently allows its 8,000-plus user base to sift comparative product data for investments, life assurance, health assurance, mortgages, pensions products and offshore investments.
It also allows online quotations to be obtained through a large number of pensions and insurance providers including Clerical Medical, L&G, Friends Provident, Liverpool Victoria, Prudential, Zifa, Scottish Equitable, Scottish Mutual, Standard Life, Skandia Life, Norwich Union, Scottish Widows and Scottish Provident.
The products on which quotations are available are personal pensions, executive personal pensions, investment bonds, and term assurance.
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