ERS’s fast-track outsourcing system, designed by CGI Europe, is expected to appeal to traditional life assurance companies with an ageing client bank, other financial services companies who lack experience in the specialised market, charities or retail operations serving older customers, and offshore companies looking to enter the UK market.
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 per cent 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 per cent of the cost.”
The firm is offering a partnership approach alongside other property-related services, including sales force management, pre- and post-sale completion processes and property management.
