FP Alpha releases AI tool to help financial advisors 'read' insurance documents quicker

FP Alpha, a New York-based wealthtech firm that develops AI-driven financial planning software, has released a new insurance document management tool first teased at the annual Technology Tools for Today conference.

Called P&C Snapshot, the offering is billed as a "first of its kind" tool that uploads and analyzes home and auto insurance documents to the platform. FP Alpha's AI will "read" complex and lengthy documents and generate reports that simplify a client's insurance situation.

The firm says the P&C Snapshot tool will allow advisors to distinguish themselves from peers by bringing clients peace of mind via a second review for their insurance coverage, as well as the potential to address gaps or deficiencies in current coverage.

"The snapshot visually depicts, in a client-friendly deliverable, the key data points associated with each policy," Rachel Schwab, product manager for FP Alpha, said in a statement. "Studies show that most clients want their advisors to help with (property and casualty insurance), but almost no one is getting it. There are simply no tools available, but our technology solves that."

Andrew Altfest, a financial advisor and founder of FP Alpha, said more clients are asking for advanced planning help around tax, estate and insurance.

"Their feedback acts as a source of inspiration for what we decide to create at FP Alpha," he said, stating that advisors no longer need to read through lengthy policies or spend time creating client-friendly visuals.

"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," Altfest said. "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." 

This new offering follows the release of estate planning capabilities rolled out by the firm earlier this year. The company's estate planning module, called The Estate Lab 2.0, has been upgraded and is now available to advisors as a standalone project.

The Estate Lab's new features include the ability to automatically transfer key data points from wills and trusts to the software. FP Alpha says this will allow advisors to compare alternative estate planning scenarios to a current one by pulling in assets to illustrate how those assets would transfer at death today, and at death of the first and second spouse.  

The Estate Lab will also display changes in beneficiaries or placement of assets by incorporating several simple and complex estate vehicles including various gifting strategies.