FP Alpha announces the release of their P&C Snapshot, a first of its kind tool for financial advisors, that uploads home and auto insurance documents in record time

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Sep 07, 2023, 09:15 ET

NEW YORK, Sept. 7, 2023 /PRNewswire/ -- FP Alpha, an AI-driven advanced planning platform for financial advisors, announced today the release of their new P&C Snapshot, a first of its kind tool that uploads home and auto insurance documents enabling advisors to obtain a visual summary illustrating clients' current coverage.

The P&C Snapshot will allow advisors to distinguish themselves from peers and provide a huge value add to clients, bringing significant peace of mind to have a second review on their insurance coverage by highlighting gaps or deficiencies in current coverage and more. The P&C Snapshot will save time by reading home, umbrella, and insurance policies for advisors. The automated recommendations output on how to improve clients' current situation will be ready in a few months.

The product went through a successful beta with users citing the easy upload and return process and how much time it's saving and helping develop out centers of influence.

"The snapshot visually depicts, in a client friendly deliverable, the key data points associated with each policy," says Rachel Schwab, Product Manager for FP Alpha. "Studies show that most clients want their advisors to help with P&C, but almost no one is getting it. There are simply no tools available, but our technology solves that."

Financial advisors can use this deliverable to guide the conversation and leave something tangible with the client after the meeting. "Offering to review policies is not only an added bonus to clients, but also an opportunity to save clients from detrimental insurance exposure," she continued.

"More and more clients at our RIA, Altfest Personal Wealth Management, are asking for advanced planning help especially around tax, estate and insurance and their feedback acts as a source of inspiration for what we decide to create at FP Alpha," said Financial Advisor and Founder of FP Alpha, Andrew Altfest, CFP, MBA.

Advisors no longer need to read through lengthy policies or spend time creating client-friendly visuals. FP Alpha does it for them. It also improves communication with clients and prospects.

"The P&C snapshot allows us visibility into an area of people's finances that we couldn't assist with previously, and potentially correct areas where people are under or over-insured," said Jack O'Connor, CFP, and a P&C Snapshot beta user.

"Our visual deliverables can serve as the centerpiece of a conversation around insurance planning discussions, ensuring that clients understand what coverage they do and do not have," explains Altfest. "As client demands continue to increase, FP Alpha's platform is here to assist advisors in their journey to provide more comprehensive planning to them," he continued.

This new offering is in addition to FP Alpha's suite of advanced planning tools including the Tax and Estate Planning Snapshots and Modules. Just a few months back, FP Alpha announced the unbundling of their Estate Planning Module and significant enhancements to their The Estate Lab.

About FP Alpha

Founded by financial planner and industry leader, Andrew Altfest, CFP ®, FP Alpha is an AI-driven advanced planning solution that helps advisors identify actionable recommendations to clients, in a scalable, intelligent, and cost-efficient manner. FP Alpha is designed to integrate seamlessly into the many stages of the financial planning process and is complementary to the advisor's current financial planning software, starting where they stop. By leveraging AI learning and subject matter experts across 16 financial planning disciplines, including tax, estate and insurance, this innovative platform allows advisors to uncover new planning opportunities and provide clients with more holistic advice. For more information, please visit: https://fpalpha.com/p-c-contact or https://fpalpha.com/p-c Patent Pending.

SOURCE FP Alpha