Finova will help Key to deliver lifetime mortgage products through the More2life brand.
The firm will implement Finova’s technology to drive innovation, improve the speed of change and enhance security across the lender’s product proposition.
Key Group will also adopt Finova’s agile pricing engine, to enable flexible product and pricing changes. More2life will be able to meet changing market conditions and adviser needs, while speeding up the delivery of new and enhanced lifetime mortgage products.
The firm said this would enable it to maintain its reputation for innovating in the later life lending market, while reducing the cost of developments.
This week, More2life announced it would pilot its Omni Interest Reward product ahead of a wider distribution.
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Ben Waugh, managing director of More2life, part of Key Group, said: “This contract extension reflects the strength of our partnership with Finova and our shared focus on innovation in later life lending. Moving to Finova’s latest technology enhances our technology in key areas, particularly with regards to the security of our systems and our ability [to] act quickly when it comes to product price and criteria changes.
“As the technology that supports More2life’s fast-path adviser-focused proposition – allowing automated and digital processes on all client cases – this move enables us to continue providing everything advisers need in this area, and ensuring we offer market-leading lifetime mortgage products that satisfy customer needs.”
John Tilzey, sales director at Finova, added: “Key Group has been a long-standing and highly valued partner for many years. This five-year extension is a testament to their confidence in Finova’s technology and our ability to support complex, specialist lending at scale.
“We’re excited to start this next chapter together and to see Key Group lead the next wave of innovation in later life lending, supported by our lending and pricing capabilities as a strong platform for growth.”
