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Stonebridge adds protection functionality to trading platform Revolution

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  • 13/07/2022
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Mortgage and insurance network Stonebridge has launched a protection functionality to its trading platform Revolution, which will help brokers integrate protection at key stages of the mortgage journey.

The protection function works by guiding advisers at certain stages of the mortgage journey to write protection themselves or to refer to Stonebridge Protect, its specialist referral service.

The function also includes a confirmation process should clients decline cover.

For every referral made to Stonebridge Protect that converts to a policy, a proportion of the commission will be paid to a member firm and primary customer ownership will remain with the originating mortgage adviser.

The additional protection function is being supported by a campaign to ensure protection conversations are held with every client, so they are not exposed to life-changing events that could have been covered.

Rob Clifford (pictured), chief executive of Stonebridge, said research by reinsurer Swiss Re showed there was a £2.4trn protection gap in the UK, and the campaign along with the functionality would help advisers close the gap.

He added that the mortgage industry, consumer lobby and regulator recognised the importance of adequate protection, pointing to upcoming changes to Consumer Duty.

“It will impose higher expectations for the standards of care mortgage and protection advisers provide to their clients, and we expect that part of this will be to ensure protection is clearly offered.”

Clifford said the mortgage market was busy so protection could get overlooked, and the rising cost of living could lead some to not take out protection.

“A combination of these factors could bring about some disastrous results if clients aren’t able to claim when they most need it, perhaps if they lose their job, have a serious illness, or there is any other reason why they’re unable to work and pay their bills.

“What we also need to ensure is that advisers have an alternative if they can’t write the protection policy. Our new referral option in Revolution definitely makes it far easier for a client to be put in touch with a protection specialist, every time,” he noted.

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