Financial services software maker Iress has upgraded its quote and apply software The Exchange, allowing advisers to compare protection products across a range of factors.

The Australian firm says its Features upgrade goes beyond the software’s current pricing comparison.

It says this upgrade allows advisers to compare 12 additional product benefits in a single report.

The firm adds, every income protection firm on The Exchange provides a live service, giving brokers a whole-of-market overview.

It says: “Protection products are no longer designed around price alone but are about providing the best cover they can.

“Many protection products come with a host of additional benefits (many unique to that provider), particularly in the income protection market.

“Much of what a product offers is around providing support to the policyholder (and their family) in returning to the workplace.”

Iress executive general manager, commercial, Dave Miller says: “Features makes it possible to compare protection products in a way never before possible, enabling advisers to inform their customers better and ensure they understand exactly what they are buying.”

Iress is in the middle of a AU$15.91 (£8.34) per share takeover bid from Swedish private equity group EQT.