PrimeSolve has multiple methods for applying insurance needs. These can be reviewed below:
Human needs
Needs based
Multiple method
The adviser is able to choose their preferred methodology by completing the Insurance Needs needs template. To set their preferred method within the insurance needs template, an adviser must:
Step 1: Create a Needs model for either personal or business insurance.
Step 2: For each insurance type, the adviser is then able to specify their preferred method for calculating insurance needs.
The method of insurance needs analysis available will depend on the type of insurance the adviser is seeking. The method available per insurance type is outlined below:
| Insurance type | Human Capital | Multiple | Objectives |
|---|---|---|---|
| Life | Yes | Yes | Yes |
| Total & Permanent Disablement | Yes | Yes | Yes |
| Income protection | No | No | Yes |
| Trauma | No | No | Yes |
| Business expenses | No | No | Yes |
| Business succession | No | No | Yes |
| Key person | No | No | Yes |
If the adviser has not completed the Insurance Needs template, PrimeSolve will apply the following system defaults:
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