The new system combines customer specific mortgage and protection costs with a risk assessment based on individual applicants’ circumstances throughout the course of the mortgage.
All information is displayed on screen in seconds with print options enabling the adviser to hand out, post or email the document to the customer at the touch of a button.
The combination of the Personal Risk Report, alongside the wider changes we've made to the submission process, has already resulted in higher conversion rates and better protected customers. Protection sales in November and December 2016 were up more than 25% compared to the average months before launch. Across the group in 2016 we have protected over 125,000 clients.
Advisers have been full of praise for the new process which helps explain better the features and benefits to mortgage customers wishing to protect their incomes and families. Paul Elliott from Manchester-based Money and Mortgages comments: “I really like the look of the new reports and have had success already with clients where I can now confidently explain the full range of options of life cover, critical illness and income protection linked to the risk of life events happening.”
Mortgage Director John Cupis says: “Our aim is to ensure that all customers receive high quality, appropriate advice to protect themselves and their families when making, in most cases, the biggest financial commitment of their lives in the form of a mortgage.
"Feedback on the recent changes to the mortgage advice process has been very positive and it is clear that the changes have already helped to ensure Openwork is able to deliver even better outcomes for our customers.”