Equity Release Group (ERG) has launched a service designed for lenders, providing a management information (MI) suite that details and tracks customer activity prior to their usual involvement in direct-to-consumer or broker enquiries.
The service is powered by fintech firm Equitec, and performance metrics include product rankings, quote and application data.
Over-50s firms including Aviva, Canada Life, Legal & General, LV=, Pure Retirement and Scottish Widows are already using the service.
Mark Gregory, founder and CEO at Equity Release Group, said: “Our ambition for Equitec was always to provide the market with real-time connectivity using a suite of innovative tools.
“With the launch of our MI Suite and development of technologies we’re continuing to realise this ambition.
“The system is accessed from one lender portal – a hub for lenders to update products, rates and underwriting credentials.
“Reporting works by collating customer data from smartER™, including Lifetime Mortgage (LTM), Retirement Interest Only (RIO), Home Reversion and Retirement Mortgages, from which live reports can be filtered and downloaded for further analysis.
“This provides lenders with valuable insight, helping them to craft products that are more aligned to the customer and the needs of the industry.”
ERG’s MI suite currently provides analysis on more than 20 data points, but the firm said it plans to enhance this with more than 50 additional data points, including anonymised customer data to determine regular search criteria and the popularity of products.
The firm also aims to develop advanced reporting tools to include live monitoring of loan-to-value (LTV) data points, based around age, percentage and value.
Matt McGill, MD at Aviva Equity Release, said: “The knowledge and insight we gain from the platform is really valuable to us.
“It’s an important part of our continual review process, ensuring that the products and services we offer customers are meeting their needs, and helping us to ensure the best outcomes for them in later life.”
Gregory added: “This is just one part of our growing later life eco-system that feeds on real-time data, live accessible information and online tools that provide accurate results.
“My goal has always been to use our experience to help the industry grow together.
“Lenders can now benefit from a simplified process through one centralised hub, with the ability to shape and enhance their consumer offering.
“We want to help businesses to grow and thrive, through the use of our technologies, as well as the entire industry.
“This will ultimately benefit the end user – the consumer from subsequent improvements in later life products.”
