MorganAsh has added a service to help mortgage brokers assess the protection needs of their clients.
The triage service is part of the firm’s vulnerability software and uses health information collected as part of the vulnerability assessment to assess the likely prospects of life, critical illness and income protection.
It will immediately assess suitability, provide a rating and suggest the best way to proceed – either online or through a nominated protection specialist.
The software provider said the information is provided automatically for each consumer, without the user having to input data into any other system.
MorganAsh managing director Andrew Gething (pictured) said brokers fear a protracted protection sale and medical issues will interrupt their mortgage transaction – so they have avoided them.
“This new addition to MorganAsh Resilience System is designed to help mortgage advisers, and those that don’t do much protection, by prompting suitable products and the best approach for each application,” he said.
“This will ultimately help to increase the level of protection – something that has long been a hot topic – and is really relevant, since Consumer Duty comes into force at the end of the month.
“Everyone within financial services has to assess the vulnerability of all their customers – from credit loans to equity release and defined benefit transfers.
“This enables the assessment of health, and unprotected assets, for a far wider audience than presently served – and the opportunity to raise the risk of lack of protection as a harm. We see this as a real opportunity to support areas previously underserved.”
