FP Alpha, an AI-driven advanced planning platform for financial advisors, has announced 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.”

“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.