Mortgage Advice Bureau has launched a software tool designed to assess a customer’s resilience to financial shocks — and the amount of insurance they might need to guard against these situations.
The network says its risk assessment software shows borrowers “how capable they are of bouncing back from life-altering setbacks that would otherwise have a significant financial impact, such as the death of a loved one, a disability, or being unable to work due to ill health”.
It adds that the tool helps to introduce the topic of protection before an initial appointment takes place.
The business points out: “This ensures that the initial broker-customer conversation is much more meaningful, with customers having a solid understanding of the importance of protection and their current financial circumstances.”
It adds that the software is “beneficial from a Consumer Duty perspective, delivering good customer outcomes and positioning protection within an ongoing advice journey”.
Mortgage Advice Bureau proposition director, protection, Andy Walton says: “The tool recognises the need to help customers better understand and navigate the protection options available to them, regardless of their financial position.
“It offers an engaging, educational user experience, empowering customers to recognise their level of risk and take action to ensure they’re protected against whatever life may throw at them.
“It also helps to connect customers with a protection adviser, who will be able to provide bespoke advice tailored to their specific circumstances.”
