Openwork has introduced Personalised Risk Reports that help advisers emphasise the importance of protection to clients taking out a mortgage.
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.
The adviser can hand out, post or email the document to the customer as required.
Openwork claims that the combination of the Personal Risk Report, alongside the wider changes the firm has 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 Openwork has protected over 125,000 clients.
John Cupis, mortgage director at Openwork, said: “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.”