Client Alteration Request

Client Alteration Request (CAR)

• Click here to watch a summary of the CAR: Link

This is for situations where:

• There is a specific instruction from the client and no advice is provided  (EG. my mortgage has increased so I want to add $100,000 to my existing cover).

• The client wants to reduce their existing cover based on affordability.  (EG. I want to reduce my premium to $80 per week).

• Special Events Increase

It cannot be used if there is a review of market offerings or if there are recommendations made in regard to new or added covers. 

Where the cover is reduced and recommendations are made as to which benefits to alter, the CAR can still be used but the reasoning needs to be provided together with confirmation of what they are losing as a result.   

• EG.  

You have instructed me that you wish to reduce your premium to $80 per week.  To ensure that you still have as much coverage as possible, we talked through your existing structure and I have recommended that you extend your Mortgage Cover wait period to 13 weeks and look to accelerate your existing Trauma cover.  This will provide you with a savings of $x per week and bring your premium down to $81.60 per week. 

Please note that this means:

1. If you are unable to work due to illness or injury, no income cover claim will be payable on your Mortgage Repayment Cover for 13 weeks.  

2. In the event a claim is paid out on your Trauma Cover, your life insurance will reduce by the same amount.

Creating the CAR

• The Client Alteration Request (or CAR) is found within the Advice Process tab under a client’s file in the CRM. 

• Click the + to add a ‘New Advice Process’ and select L&R Client Alteration Request. 

• When you click Add New, the Advice Process will generate. 

• Next to ‘Advice Documents’ you will see the ‘Start Advice Process’ button - click on this to open the CAR. 

Disclosure

• When you open the CAR, the Disclosure will be pre-loaded with your details - we would have helped you set this up when you started to use the Life Online Advice Tool.

  • Your specific Disclosure is loaded in the CRM under your User Profile. 

• After talking through your Disclosure with your client, click Next. 

• You have the option to email a copy of your Disclosure to your client using send or click next to save to file and move through to the Scope of Service. 

Scope of Service 

• On the Scope of Service page, there is a section at the top to link a copy of the correspondence from the client where they have requested the alteration. This will save back to the Alteration Process as a Document for easy reference. 

• Under this, is where details regarding the request can be entered. 

  • First, confirming the type of alteration that is being requested. 

    • Either the client has made a request for a specific change within their current provider or they have requested to reduce their premiums with their current provider. 

• Depending on the option selected, there will be one or two additional questions required for record keeping. 

  • For specific changes (for example adding Specialists and Tests or cancelling a certain cover) it will ask what the requested changes were and why they have been requested. 

  • For a reduction in premium, the question will just be why this has been requested.  

• The CAR is used to process client driven alteration requests. When looking to change provider, offer advice regarding the requested change or add products with a new provider, a full SOA should be completed. 

Change Request

• The Change Request page functions largely the same as the Final Structure from the Life Online Advice Tool. 

• If a LOAT has been completed previously, this will pull the information from the Final Structure that was most recently completed. This will sit under the Existing Policy Structure section. 

  • The cover can be amended accordingly using the pencil to edit and a policy summary can be attached. 

  • If no previous LOAT has been completed, this can be added in using the Add New Provider button. 

• There is a payment frequency dropdown in the top right corner. 

• Once the Existing Policy Structure has been generated, click the Populate button to copy the information into the New Policy Structure section to enable editing. 

  • Click the pencil to edit the each existing line by amending the Benefit amount and the Premium accordingly. 

  • You can add Products to the noted policy by clicking the Add Product button. 

• This will indicate the net changes in both benefit and premium. 

• A quote can be attached in line with the Provider name which will append to the Alteration Request PDF and notes can be added discussing the changes. 

• Click Send and Exit to email a copy of the requested changes to the client. 

  • This will combine the Original Request from the client, a summary of the requested changes and the quote reflecting the changes into a PDF for the client to confirm they’d like to proceed. 

  • Once sent, the Alteration Request will be saved to the Documents and you will return to the Alteration Process. 

Finalised Structure

• When the client has confirmed they wish to proceed with the requested changes and these have been processed by the insurer, you’re able to click a ‘Create Updated Structure’ button that will appear on the Alteration Process to generate and open the Updated Structure Page, the same was you would create a Final Structure when using the LOAT. 

• This will sync the information from the Change Request page where you’re able to amend the Finalised Policy Structure section accordingly, if any changes were made to the alteration request and add notes accordingly. 

• A copy of the client’s up to date Schedule can be attached in line with the provider and the document can be sent to the client to confirm the changes have been made by clicking the Send and Exit button. 

  • This will combine the Original Request from the client, a summary of the finalised changes and the policy schedule reflecting the alteration into a PDF for the client. Once sent, the Finalised Structure will be saved to the Alteration Documents and you will return to the Alteration Process. 

Closing the CAR

• Ensuring that all the Alteration Stages have been completed accordingly, the Alteration Process can be ended by clicking the End Process button. 

• Depending on whether the Alteration Stages were completed or not, the end process questions will change. 

  • For a completed request, you can answer four questions to close the process (whether the client was offered a full review, whether there are any reasons the client may not be able to reinstate this cover in the future, whether the clients involved are vulnerable and if you’d like to schedule in the next Review). 

  • For an incomplete request, there are three questions - why the alteration wasn’t completed, including adding details, whether the clients involved are vulnerable and if you’d like to schedule in the next Review). 

  • You’re also able to send an email to the client confirming that the Advice Process has been closed for the aforementioned reason.