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Graham Awards


New tool facilitates broker discussions of protection cover with clients

Mortgage Advice Bureau has developed a new tool to assess a customer’s financial resilience based on their level of protection.

The financial risk assessment tool shows customers how capable they are of bouncing back from life-altering setbacks making significant financial impact such as the death of a loved one, a disability, or being unable to work due to ill health.

By inputting basic level information on their financial situation, the tool provides an estimate of how likely these shocks may be over the course of an individual’s lifetime, giving an idea of what position they would be in should the worst happen. 


The tool helps to introduce the topic of protection before the initial appointment takes place. This ensures that the first broker-customer conversation is more meaningful, with customers having a solid understanding of the importance of protection and their current financial circumstances.

The tool has the capacity to target new customer demographics that may not necessarily be having conversations relating to protection advice, such as those living in rented accommodation. This is also beneficial from an introducer perspective, as the tool can be used to open up conversations with new customers that letting agents or commercial brokers may not necessarily have been able to offer protection advice to otherwise.

MAB says it’s strongly beneficial from a Consumer Duty perspective, delivering good customer outcomes and positioning protection within an ongoing advice journey. This creates additional opportunities for regular assessments regarding the risks they may be susceptible to. 

Customers also have the ability to update the tool with information as and when their financial situation changes, so they can take action and liaise with an adviser accordingly. 

Andy Walton, Proposition Director - Protection at MAB, says: "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. 

“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.”


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