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PIEtech, Covr Collaborate on Insurance Platform

Staff Writer | November 08, 2016

PIEtech, Inc., and Covr Financial Technologies announce a partnership that brings together the power of MoneyGuidePro, which brings together financial planning software with Covr’s digital personal insurance platform that provides a way to research and buy personal insurance. The combination of these technology tools allows clients’ risks to be addressed through insurance solutions in a quality financial plan. 

Addressing the risks that can derail an investor’s plan for retirement is a critical area to success for all investors. “According to research completed with 1,653advisors, the analysis of risks such as disability risk, longevity risk, life insurance and long-term care needs should be evaluated as part of a quality financial plan. However, our experience shows that only a small percentage of advisors actually include plans to address these risks,” says Kevin Knull, president of PIEtech. “While these types of insurance products are not subject to the DOL’s conflict of interest rules, failure to address such exposures may have a significant impact on how a person or couple should be invested. By identifying the need in a financial plan and then making it easy to implement and underwrite these types of products, we expect that the Covr implementation module will dramatically increase the amount of clients that are able to be helped by advisors.”

Bill Benjamin, CEO of Covr, adds, “By working together with PIEtech, I believe we will completely transform the way advisors and institutions think about insurance, and in the process will help more Americans prepare for the unexpected. I am confident that institutions will look at this as a significant innovation that will streamline the insurance process.” 

 

The integration will take the relevant data from the financial plan in MoneyGuidePro and will pre-populate Covr’s analysis engine to help identify which type or combination of insurance solutions might be best to solve for the insurance needs. Once advisors identify the most appropriate solution, they can then implement the solutions and, depending on the size of the case, may be able to instantly issue an insurance policy. The system is set up for open architecture, meaning each broker/dealer can select the insurance carriers and types of products that they would like to be reflected in the tool.

The PIEtech and Covr integration, which will be completed in the fourth quarter, will help advisors and their clients: 

  • Identify and solve for risks that can impact the client’s ability to achieve their goals.
  • Increase the client’s awareness of risks and specific actions to address them with tailored solutions that include life, disability and long term care insurance.
  • Provide clients with an easy way to track the progress and status of their insurance. 

Covr has already implemented its solution with more than fifty financial institutions where it is focused on making the entire insurance process easier for the institution, advisor and consumer.


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