This article provides a step-by-step guide as to how you can quickly and easily write a suitability report to a corporate client detailing your recommendations for the establishment of one of the following group protection schemes:
- Group Critical Illness Insurance
- Group Income Protection
- Group Life Insurance
- Group Private Medical Insurance
1) Select or add the corporate client
Go to write / view report and select or create the corporate client you wish to write the report to, add them to the Selected Client(s) list and click write report.
2) Select the report creation method
Within the Report Creation Method page, select 'From Scratch' from the drop down menu.
3) Create the report
In Report Details, give the report a name, select 'suitability report' as the Report Type, add a report reference and select the report currency.
4) Add the required advice sections
On clicking next, you’ll be directed to the Report Builder where you will need to add the necessary advice sections, which in this instance is only the New Protection Recommendation section.
5) Complete all section wizards
Next you will need to step through the section wizards of all of the sections that require your input, starting with the Introduction Section.
6) Complete the Introduction Section
You will progress through the steps of the Introduction section in the usual way. When you reach the Client Objectives step you should select or add the advice option(s) that accurately reflect the client's objective(s). The following has been added at the bottom of the list as a default option.
'Set up a *group life / critical illness / income protection / private medical insurance scheme for the benefit of your employees'
As with any advice option you select in the Client Objectives step, you should add comprehensive Know Your Client (KYC) information to it to ensure you fulfil the regulator’s expectations of you in terms of adding sufficient 'colour and detail' to a client's objectives.
7) Complete the New Protection Recommendation section
It's within this section that you will be prompted to include details of the group protection scheme you are recommending. Not all fields in the Plan Summary step will be relevant to group protection plans - remember you do not have to complete all plan-related fields, and empty columns will not be included in the Plan Summary table included in your report.
Progress through the rest of the steps completing the necessary information as requested.
8) Complete the Important Information Section
This is the last section you'll need to complete and is self-explanatory.
9) Tailor the structure of the report
Having completed all of the section wizards you should then tailor the structure of your report by unchecking any optional sections you do not wish to include in your report. There are no glossary of terms associated with any of the group protection products so we'd suggest you hide the Appendix - Glossary of Terms section at the very least.
10) Download the report
Click the download report icon and the report will download to Word. On opening the report you'll notice the report follows the typical Genovo format and structure. However, in the Word document you will need to complete the table in the Plan Benefits and Features subsection of the New Protection Recommendation section to reflect the benefits and features of the recommended group protection scheme.