Built by brokers for brokers, Sherlok is Australia’s first and only automated repricing and home loan refinancing tool. It harnesses the power of data, artificial intelligence and automation, and works quietly in the background to make the broker look like the hero.
Sherlok was founded by award-winning mortgage broker Adam Grocke in 2019. After 12 years as a broker, Grocke had become frustrated with banks offering better interest rates to new mortgage customers while existing customers were being charged a ‘loyalty tax’ (a higher interest rate the longer they are with the bank). Post royal commission, Grocke found that brokers were getting busier with new clients, but hiring an admin team to manage existing clients wasn’t an economic way of tackling trailbook churn.
He identified two main problems: difficulty refinancing a client to another lender, and trailbook drop-off. Research found the primary reason clients leave brokers to refinance elsewhere is because they realise their interest rate is too high, and lenders are only offering very low rates to new clients – not brokers’ existing clients.
So, he set about finding a solution to mitigate the time-consuming nature of repricing and refinancing clients while writing new business and managing a brokerage.
Powered by AI technology, Sherlok helps brokers retain clients by automating the repricing process and generating quality refinancing leads from their trailbook. The AI technology predicts two things: when a client will leave a broker, and when a client is paying too much interest. Sherlok then automatically lowers the client’s interest rate, potentially saving them thousands.
Sherlok’s mission is to put brokers and their clients first, and help everyone save money with a single click. It’s a win-win situation: brokers’ clients save thousands, the brokers keep the clients for longer, the aggregators earn more trail commission for longer, and the lenders keep their clients.
Company Name:
Sherlok
Telephone No.:
1300 664 886
Email:
[email protected]
Website:
www.sherlok.com.au
