The financial risk assessment tool will show the potential capability of a customer recovering from life-changing events that may also result in a financial setback, such as the death of a loved one, disability or being unable to work due to ill health.
Based on basic financial information submitted to the tool, it predicts how each event could impact someone’s financial position.
MAB said this could open up the conversation of protection before an appointment with an adviser is made.
The tool will direct clients to a protection adviser, and the firm said it could target new customers who may not otherwise consider getting protection advice, such as private renters.
The firm said this would be beneficial from a Consumer Duty perspective, as it would help to deliver good customer outcomes. It can also allow clients to regularly review their financial position by updating their tool when their circumstances change, potentially leading to an appointment with an adviser.
Andy Walton (pictured), proposition director of protection at MAB, said: “We’re thrilled to have launched our new financial risk assessment tool, which offers a wealth of benefits for brokers and customers alike.
“The tool recognises the need to help customers better understand and navigate the protection options available to them, regardless of their financial position.”
He added: “It offers an engaging, educational user experience, empowering customers to recognise their level of risk and take action to ensure they’re protected against whatever life may throw at them. It also helps to connect customers with a protection adviser, who will be able to provide bespoke advice tailored to their specific circumstances.”
This month, MAB reported £25.1bn gross mortgage completions.
