The mortgage market is changing rapidly - due in no small part to shifting interest rates, regulatory changes, and evolving consumer expectations. With this comes a need for more efficient processes and systems that can react quickly to market changes and accommodate the evolving needs of today's borrowers.
At Primis, we recognise that, beyond mortgage sales, diversification is important for growth. We want to improve the customer experience and broker opportunity with new technology that can support brokers’ execution of decision-making and open up the possibilities for delivering broader solutions.
According to AMI’s Protection Viewpoint, 53% of consumers answered that income protection is important, but only 7% said they had a policy in place. Noticeably, with younger people, the percentages that consider it important were larger. 65% of Gen Z and 70% of Millennials responded that having such protection in place is important to them, compared to 48% of Gen X and 39% of Boomers.
Borrower profiles are much different now than they were twenty years ago. First-time buyers are coming with diverse income streams and a set of unique circumstances that demand better protection in today’s economic climate, where unexpected changes to financial circumstances have become commonplace.
Not only is protection an important step in helping to service your clients better, from a business perspective, it is also key from a ‘duty of care’ point of view. Consumer Duty rightly focusses everyone on the avoidance of foreseeable harm. This means good advice that takes as holistic a view as possible of a borrower’s situation is crucial. Holistic advice will include looking at elements like protection insurances and diversifying your income streams can help to protect your business from increasing fluctuations in the housing market. With every purchase and refinance, it is likely the rate movements people face will mean the protection they have in place needs to be reviewed.
At Primis, we are rolling out our own member CRM system in conjunction with Mortgage Brain that will allow brokers to manage client sales more efficiently, improve customer experiences, and help them to stay ahead of the competition.
Our new technology can automate time-consuming tasks and allow brokers to focus on higher-value activities, such as tailored mortgage solutions and building better client relationships.
By having access to behavioural data, this technology-based approach will be able to give brokers a better insight into their clients and enable them to give pre-emptive, evidence-based advice.
Protection is a big issue. So big that we are taking more steps to support brokers beyond our network by offering Novium, our in-house protection sourcing and quoting platform, to non-network members. Novium has been designed to streamline the process of sourcing and quoting protection products and offers a user-friendly interface that enables advisors to generate quotes and submit applications quickly.
It simplifies the comparison process, ensuring that advisers can access competitive rates and comprehensive coverage options.
We believe that these technology-driven solutions will open up a wealth of opportunities for the brokers, with improved growth and stronger client relationships, and those who embrace it will quickly see improved customer and commercial results.
