"It also helps to connect customers with a protection adviser, who will be able to provide bespoke advice tailored to their specific circumstances."
- Andy Walton, Proposition Director for Protection at MAB
Mortgage Advice Bureau (MAB) believes this tool will help customers understand whether they could ‘bounce back’ from life-altering setbacks that would otherwise have a significant financial impact. This could include the death of a loved one, disability, or absence from work due to ill-health or injury.
After inputting basic information on a customer’s financial situation, this tool estimates the likelihood that these shocks will occur during their lifetime – offering an idea of what position they’d be in if the worst were to happen. This information will be sent to a protection adviser who’ll set up an appointment to discuss tailored support for their individual needs.
MAB hopes these illustrations will improve customer understanding as well as better introduce the topic of protection before appointments. This will ensure that the initial broker-customer conversation is more meaningful, with customers understanding the importance of protection in light of their current financial circumstances.
Notably, this tool has the capacity to trigger protection conversations with customer demographics that may not necessarily have reached relevant life milestones, such as renters. This is beneficial from an introducer perspective, as the tool could catch customers that letting agents or commercial brokers may not have been able to discuss protection with.
Customers can update the tool with information as and when their financial situation changes, so they can act and liaise with an adviser accordingly.
“We’re thrilled to have launched our new financial risk assessment tool, which offers a wealth of benefits for brokers and customers alike,” said Andy Walton, Proposition Director for Protection at MAB. He believes this tool “recognises the need to help customers better understand and navigate the protection options available to them, regardless of their financial position.”
