While platform operators have invested in improving adviser functionality, little is spent on life insurance upgrades, according to Investment Trends Senior Analyst King Loong Choi.

“Not much has been happening with insurance on platforms because the focus has been elsewhere,” he told insuranceNEWS.com.au.

“I suspect there will be more spending on compliance next year as the new regulations come into force for life insurance.”

Most platforms still feature only a couple of insurers, with the exceptions being Netwealth and HUB24 with three options.

And Netwealth and HUB24 lead the way on functionally, according to an Investment Trends review of 526 offerings.

“Our latest competitive analysis of the platform industry found providers’ development efforts have been centred around two themes: improving adviser efficiency and raising client engagement,” Mr Choi said.

“Having to re-key data that exists in one source to multiple other sources has long been a key technology gap for advisers.

“Netwealth and HUB24 have both taken steps to alleviate a key burden at a time when advisers demand efficiency.”

He says apart from improving adviser efficiency, platform providers also support them with client engagement efforts.