Actuarial consultants Hazell Carr and Exasoft Limited have joined forces to produce a software package, Mortgage Fundamentals, intended to help IFAs deal with complaints from endowment policyholders.
The Association of British Insurers recently forecast that around 60 per cent of endowment policyholders will receive either amber or red warnings of shortfalls, which insurers say result from poor market returns.
The software package comes with in-house technical training and support, coupled with calculations of redress for policyholders and out-sourcing of the complaints procedure if desired.
Nigel Burton, Hazell Carr’s marketing director said: "At Hazell Carr we pride ourselves on being responsive to our clients and to the market. We've been listening to many concerns lately from insurers and IFAs about handling mortgage endowment complaints and we believe we have come up with the comprehensive solution our clients have been seeking.”
Launched in time for the next set of reprojections which are also expected to be disappointing, Exasoft's current client base of insurers and IFAs will receive Mortgage Fundamentals through Hazell Carr, while its banking and building society clients will continue under their existing arrangement.
