"We have been laser-focused on helping advisers create an experience for customers that feels natural and bespoke."
- John Scrivens - Stonebridge
Mortgage & protection network Stonebridge has announced what it describes as an overhaul of its protection sourcing experience within its Revolution adviser platform.
The changes are designed to give Stonebridge advisers more personalised recommendations faster, following the network’s investment in process engineering and technology changes on Revolution over the last six months.
Stonebridge says that the overhaul forms part of its efforts to reduce the UK protection gap, a key area of focus for the FCA, with the specific improvements being largely a response to member feedback.
The changes include the intended use of customer data to steer sourcing more accurately, budget-based tools to allow advisers to adjust cover live with customers, and the ability for advisers to use customer feedback to compare multiple scenarios with real-time indicative pricing, which aims to help advisers personalise recommendations for customers not looking for, or who cannot afford, full cover.
The set of upgrades went live today, 11th August, alongside wider changes to the network’s protection and general insurance advice standards, with expanded guidance addressing those customers who state that they can’t afford or don’t want complete protection.
Stonebridge also says it has made the way that the platform illustrates choice clearer, and has also changed the way processes are documented, collecting key compliance evidence to demonstrate the quality of advice should it be called upon.
"We always want to be on the front foot," John Scrivens, sales director at Stonebridge (pictured above), said. "A tremendous amount of work over many months has gone into this and, whether you’re an adviser or a customer, you’re going to notice a big difference.
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"We have been laser-focused on helping advisers create an experience for customers that feels natural and bespoke. Reflecting on what we already know about customers is important here. If we want customers to feel less like a number, it’s about showing them that we know them, we understand them, and we know what their concerns are.
"The new set of Stonebridge processes and investment in the technology to deliver this brand-new approach again demonstrates that our advisers are one step ahead of many in the market; they are listening and know what to focus on. It’s the opposite of a cookie-cutter approach to protection advice.
"At the same time, we’ve future-proofed the amount of documentary evidence advisers record, supporting them in being able to demonstrate clearly that they’ve given timely, informed and appropriate advice.
"Given the FCA’s focus on the protection gap, we know that these improvements will help our members make major inroads on this industry-wide challenge and set an entirely new standard in customer care."
