Protection  

Openwork protection reports lead to increased sales

Openwork protection reports lead to increased sales

Openwork has introduced personalised risk reports to 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 over the course of the mortgage.

The combination of the Personal Risk Report, alongside wider changes Openwork has made to the submission process, has led to higher conversion rates.

Protection sales in November and December 2016 were up more than 25 per cent compared to the average months before launch.

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.”

All information for the report is displayed on screen, with print options allowing the adviser to hand out, post or email the document to the customer.

Earlier this year Openwork said its members wrote 134,000 policies in 2015, covering a total of 160,000 individuals.

This was an increase of more than 200 per cent on the previous year when it wrote 44,000 policies.

At the end of 2014 Openwork announced it was increasing its protection advice capacity by taking on MetLife UK’s protection advisers, who numbered more than 750.

damian.fantato@ft.com