"Fundamental to all of this is an objective and consistent approach to managing and monitoring vulnerability data. These powerful upgrades aim to make that task much easier for all firms."
- Andrew Gething, MorganAsh managing director
Last month, MorganAsh noted that changes in employment could leave consumers with new liability circumstances that are no longer covered by their insurance policy.
With insurers and advisers having a responsibility to minimise potential systemic harms under the Consumer Duty, the MorganAsh Resilience System (MARS) will now allow users to book a nurse assessment in real time. This will help consumers with severe physical and/or mental health issues as well as advisers in need of an independent party to undertake the assessment.
MorganAsh has also introduced greater functionality around treatments, providing the relevant next steps for advisers to configure each consumer characteristic as well as improved configuration options to support different use cases and appetites for risk. Users can now personalise the contents within vulnerability questionnaires and assessment certificates, while advisors can set specific options on individual cases or at a firm level.
Commenting on these improvements, Andrew Gething, MorganAsh managing director, has said:
“As we get closer to the implementation deadline of Consumer Duty, we’re really pleased to be supporting our users across financial services with these upgrades to MARS.
“In its latest correspondence, the FCA has made it very clear that investing in technology and data strategy should be a clear focus for firms as we head towards full implementation in July. Fundamental to all of this is an objective and consistent approach to managing and monitoring vulnerability data. These powerful upgrades aim to make that task much easier for all firms.
“The MARS platform supports everyone from single advisers right through to firms with thousands of users – such as St James’s Place and Key Later Life. We also have users from complex products like DB transfer to small credit loans. These bring different requirements on how the MARS tool is used.
“We have therefore added numerous configuration options, enabling us to change the tool to match the size and type of firm – and to meet their specific requirements.”