Furthermore, ERS aims to reduce reduce the average time for equity release market entry from two years to just six months.
ERS will provide organisations with a fully compliant mortgage or reversion scheme equity release operation and white labelled equity release services for just £250,000. The cost for an organisation to develop an equivalent system themselves would be over £2 million.
ERS’s fast track outsourcing system, designed by CGI Europe, will particularly appeal to the following types of organisations:
- Traditional life assurance companies with an ageing client bank
- Other financial services companies who lack experience in the specialised market
- Charities serving older customers
- Off shore companies looking to enter the UK market
- Retail operations serving older customers
Ged Hosty, Chief Executive of ERS said “Equity release is one of the fastest growing consumer markets in the UK. It is currently valued at £1.1 billion* but we expect growth of 50% over the next two years. Numerous organisations are looking to enter the market but many have no financial services experience. However, by outsourcing their equity release business to ERS companies can enter the market in a quarter of the time and at just 12.5% of the cost.”
The ERS management team has a proven track record of bringing compliant solutions to the specialised equity release market. Watertight systems supported by a rigorous approach to record-keeping will ensure that ERS clients’ operate successful and secure equity release businesses.
Furthermore, ERS customers will benefit financially from a unique partnership approach in which ERS shares the business risks and rewards of the outsourcing operation by only charging for completed business.
ERS equity release services also include:
- Fully compliant literature production
- Sales force management
- Pre and post sale completion services, conveyancing and record keeping
- Property Management – property underwriting and maintenance
- Financing
