Legal & General Home Finance has adopted finova’s Optimo to power its later life mortgage products.
Optimo is a decisioning engine that was developed to help lenders deliver smarter pricing outcomes for their customers.
By integrating Optimo, Legal & General Home Finance has introduced a tailored approach to lifetime mortgage pricing which takes account of all the information the customer provides, helping to determine the price on each application and test pricing for new product lines without changing the underlying technology stack.
Optimo’s flexible system allows Legal & General Home Finance to set rates based on the information the applicant shares.
finova’s tool combines scorecards and pricing into one seamless decisioning product, reducing the application decision time.
Legal & General Home Finance’s integration of Optimo will see finova add further data enrichment partners, and data metrics, with the aim of enhancing the overall proposition in coming months.
Rowan Clayton, product director at finova, said: “At finova, we’re always thinking about how our tools can tackle the speed bumps getting in the way of lenders’ daily tasks, and how we can improve the journey for their customers.
“To that end, we’re thrilled to be sharing our decisioning engine Optimo with Legal & General Home Finance, who can now lean on our technology when it comes to making rapid decisions about risk, liability, or affordability, for their customers.
“With Optimo, Legal & General’s customers can access personalised and fair rates on the market, and crucially, the lender can service borrowers quickly and fairly as the lending price war intensifies.”
Cheryl Hinton, chief technology officer at Legal & General Home Finance, added: “The lifetime mortgage market has evolved significantly over the years, and at Legal & General Home Finance, we’re always innovating to meet changing customer needs.
“That’s why we’re delighted to adopt finova’s flexible Optimo system to help power faster and more tailored pricing decisions, to give borrowers value for money by offering them the best rate for their specific circumstances.”
