The Equity Release Group has rolled out software for lenders that tracks customer activity before funders become involved in later life cases.  

The data set allows lenders to gain access to a management information suite that details customer activity prior to lender’s usual involvement in direct-to-customer, or broker enquiries, the firm says.  

It points out: “These performance metrics include product rankings, quote and application data – all helping lenders to improve the competitiveness of their products.”  

The business adds that Aviva, Canada Life, Legal & General, LV=, Pure Retirement and Scottish Widows already have access to the software, powered by fintech company Equitec.  

Equity Release Group founder and chief executive Mark Gregory says: “The system is accessed from one lender portal — a hub for lenders to update products, rates and underwriting credentials.   

“Reporting works by collating customer data, including lifetime mortgages, retirement interest-only loans, home reversion and retirement mortgages, from which live reports can be filtered and downloaded for further analysis.”   

The firm says the suite currently provides analysis on over 20 data points, however, Equitec plans to boost this to include more than 50 additional points, including anonymised customer data, which will help lenders determine regular search criteria, popularity of products and how they can meet the demands of consumers.     

Aviva Equity Release managing director Matt McGill adds: “The knowledge and insight we gain from the platform is really valuable to us.   

“It’s an important part of our continual review process, ensuring that the products and services we offer customers are meeting their needs, and helping us to ensure the best outcomes for them in later life.”