Protection Guru has unveiled a new adviser comparison of price and quality tool for term life and income protection cover.

The new service, Protection Guru Pro, provides analysis for income protection, critical illness, mortgage protection and other types of term contract.

It is designed to help advisers identify better customer outcomes by finding the best quality protection product within the client’s budget.

According to Protection Guru, the service will not only help protection specialists but also advisers for whom protection is only part of their business.

It will help them give protection advice quickly whilst being confident that they have carried out a detailed analysis on product features as well as price.

The tool includes both express and bespoke options to product analysis. The former has the ability for the advice firm to pre-configure priorities for different demographics to accelerate research delivery.

Protection Guru head of research Adam Higgs says: “Insurers now provide a wide range of products aimed at different types of clients and offer far more tailored solutions than ever before. Whilst this is a positive market development, it does present a big issue for many advisers as there are so many product options to make sense of.

“Understanding the differences from product to product is very difficult. Protection Guru Pro has been built specifically with this in mind and will help advisers not only focus on the products that are relevant for their client but also quickly and easily compare them based on the unique requirements of their client.”

Protection Guru founder, Ian McKenna, adds: “By bringing together all our extensive research, and combined with price comparison data, we can enable all advisers to generate a comprehensive protection advice quickly and easily.

“We believe this is a key step in achieving Protection Guru’s overall aim of helping grow the number of families protected in the UK.”

The new service, ProtectionGuruPro.co.uk, will formally launch later in May 2022 and will be free of charge to advisers until 31 August 2022 after which point the service will cost £40+VAT per month per use.

HSBC Life has sponsored the product until the end of August giving advisers plenty of time to evaluate the new service and demonstrating its support for independent advice.

Quotations in the initial version of the service will be provided by iPipeline and, after agreeing with the client the contract they intend to proceed with, ProtectionGuruPro users can then submit applications electronically via iPipeline.

Protection Guru is a technical information service for financial advisers and part of the Financial Technology Research Centre.