Mortgage Advice Bureau aims to use investments in Vita and Freedom 365 to support its members’ protection sales and lead generation, as well as roll out robo-advice initiatives.
The investments were announced in the firm’s interim half-year results yesterday, alongside plans to enter the Australian mortgage market by the year end.
Speaking to Mortgage Strategy about MAB’s aims for Vita, MAB chief executive Peter Brodnicki says: “As a business, we are good at protection, however there is room for improvement and increased consistency which is also an issue for the whole intermediary sector”
We have searched for many years for a company of the quality of Vita, that will help us raise the bar in terms of protection advice and customer outcomes to another level, and provide our AR partners with a range of options for them to choose from and integrate into their business.
Brodnicki adds: “Providing our members with a range of solutions in terms of protection is important to us, but we must do so by not compromising on quality, and also focusing on the long term provision of protection advice to their customers, not just around the mortgage event.”
The MAB chief executive says the investment in Freedom 365 has been a further strategic move by MAB.
Brodnicki says: “ We need to find solutions to engaging with customers earlier in their research and search process, and also deliver the best possible service in terms of face to face and telephone advice.
“Our investment in Freedom 365 will help us deliver that strategy by bringing specialism into the group that will benefit our entire distribution, and which with our in-house digital expertise, will enable MAB and its partners to compete strongly in what will be a rapidly changing intermediary landscape.”
Brodnicki sees technology significantly improving the customer experience in terms of speed, ease, and convenience, and so robo-advice style initiatives will be developed and introduced to support MAB partners and advisers deliver what their customers are starting to expect.
Brodnicki says: “ Technology has always been at the forefront of our strategy, and our ability to develop what advisers and their customer want in-house is a big advantage for us.
“The pace at which technology will be able to improve the customer experience is exciting, but how quickly intermediary firms and their advisers adapt and embrace these changes will determine the winners and losers over the next five years.
“MAB intends to lead the way in this respect, and we will only achieve that if we deliver exactly what our customers are looking for. There is a lot of talk about disruptors to our industry, but we all need to do the disrupting ourselves using our extensive experience as intermediaries, and by looking forward to and not resisting change.”