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 report and select or create the corporate client for whom you wish to write the report.
2) Select the Report Creation Method
This article walks you through the steps of building a report 'from scratch'. However, it is worth bearing in mind that there is also a Genovo report template in the Report Template Library covering the recommendation of a group life scheme: Genovo Example: Group life protection scheme which you may wish to use as the starting point for creating your report to help further speed up the report creation process for you.
3) Create the report
In Report Details, give the report a name and select the report currency and Report Type, which in this instance will be Suitability Report You may also wish to include a Report Reference.
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) and add comprehensive Know Your Client (KYC) information to ensure you fulfil the regulator’s expectations of you in terms of documenting a client's objectives. Alternatively, you can the client's objectives as free text.
7) Do not complete the Client Risk Profile section
This section isn't relevant for this type of advice scenario as such you can ignore it and hide it by unchecking the 'Include' checkbox.
8) 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.
9) Complete the Important Information section
This is the last section you'll need to complete and is self-explanatory.
10) 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 sections you do not wish to include in your report; and then change the sort order of any sections to reflect your personal preferences.
Given the advice scenario, we'd recommending hiding the following sections as a bare minimum:
- Executive Summary
- Client Risk Profile
- Appendix - Attitude to Risk Profiles
- Appendix - Glossary of Terms
You’ll find more information about how to remove sections from your report here.
You'll find more information about how to reorder the sections in your report here.
11) Download the report / covering letter
Click the Download report / Download cover letter icon and the report / covering letter 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.
Report template
Having created the report, you may then wish to convert it into a template and save it to your Report Template Library to use as a starting point for creating future group protection reports.