A complete overhaul of the protection sourcing experience is helping Stonebridge advisers deliver more personalised recommendations sooner.
The mortgage & protection network has invested heavily in process engineering and technology changes in its wholly-owned adviser platform, Revolution, over the last six months to make advisers’ jobs simpler and ensure customers get even more personalised recommendations faster.
It forms part of the network’s efforts to reduce the UK protection gap, a key area of focus for the FCA.
The specific improvements are largely a response to member feedback, with Stonebridge’s ops, sales and engineering teams investing over 4,000 hours in design, development, workshops and testing.
The significant set of upgrades went live today alongside wider changes to the network’s protection and general insurance advice standards, with expanded guidance that specifically addresses those customers who state that they can’t afford or don’t want complete protection. It’s these customers who arguably pose the most risk when it comes to concerns over foreseeable harm.
Overall, the customer journey is now incredibly dynamic. It will prompt advisers in a way that better reflects how conversations actually happen in real life, so they don’t feel forced or generic. The process is more intuitive, using customer data to steer sourcing more accurately, so advice feels instantly more bespoke.
One of the major innovations is how the platform makes better use of what advisers already know about their customers. And budget-based tools mean they can adjust cover live with customers, using their feedback to easily compare multiple scenarios with real-time indicative pricing. This means they can tailor their recommendations for those who do not wish to take full cover because of a limited budget, moving quickly to recommendations that match what customers say they want and need.
Finally, the way the platform illustrates choice has been made clearer, making it easier for advisers to explain the risks and benefits of different products. This reduces complexity and helps customers make informed decisions.
The changes are a natural extension of the cultural shift towards better customer outcomes triggered by the FCA's Consumer Duty in 2023 and more recently the FCA’s outputs from the Pure Protection Market Study, highlighting the severity of the UK’s protection gap.
Stonebridge has also improved the way processes are documented, collecting key compliance evidence that will demonstrate the quality of advice should it be called upon.
John Scrivens, Sales Director at Stonebridge, said:
“We always want to be on the front foot. 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.
“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.”
