Key has unveiled a new distribution strategy with a refreshed whole of market advice offering and new branded integrated service proposition.
Both services will be supported by a bespoke digital advice delivery platform.
These changes were prompted by the growing concern that customers are finding to harder to find the right support and follow Key’s growth ambitions.
The new whole of market customer facing brand will be known as ‘The Equity Release Experts’ for both its employed and self-employed advisers seeking to focus in the market.
Key have appointed Rob Brennan and Lyn Perrett to lead its self-employed adviser division.
Both Brennan and Perrett previously held roles at The Right Equity Release.
The integrated service proposition offers customers fee free advice and access to over 80 Key equity release branded products.
The Key branded products will be manufactured by more2life and funded by a range of funding partners in the market.
Should Key branded products not meet a customer’s needs, they will be transferred to its whole of market offering.
The new digital advice delivery platform uses insight from AiR and hopes to ensure consistency of advice and speed up the process.
This comes after Key Group’s investment in AiR Group in May 2018.
Will Hale, chief executive of Key, said: “The later life market is evolving and we are evolving with it to ensure we remain at the forefront in meeting the needs of our customers, partners and colleagues.
“Significant work has gone into developing this new distribution strategy which I am proud to announce today.
“We recognise the important role that whole of market advice plays and are delighted that Rob Brennan and Lyn Perrett have agreed to join the team to spearhead the development of our self-employed division.
“We are also pleased to unveil our Key Equity Release branded proposition which recognises that, for some customers, their needs would be better served by providing them with access to a range of competitive products from a brand they trust.
“This new offering will be supported by the same high quality advice that people expect from Key, as well as an end-to-end customer support service designed to help clients navigate what can be a complex process.
“We see both of our advice options as growth areas for the business.
“We are delighted to launch these initiatives which mean that whether a customer wants whole of market advice, a Key Equity Release branded plan or access to other later life lending products, they can visit us.”
Simon Thompson, group chief executive of Key Group, added: “When we rebranded earlier this month, we outlined our ambitions for the group and the market, so we are delighted to unveil these changes.
“We firmly believe that this shift for Key will benefit our customers, partners and the broader sector – enabling us to make further improvements to the customer proposition while helping us to continue to invest in consumer education and awareness.
“The new digital advice delivery platform is a vital part of this evolution and will help improve the overall advice experience.
“We remain a customer-centric organisation and are delighted to bring this type of innovation to the industry.
“Looking to the future, we believe that bold moves like this will help to break down barriers and allow us to focus on developing innovative products as well as attracting additional customers, advisers and funders to the market.”