Discounted PI cover is available to brokerages that have an active installation of MortgageStream in use in their business.
MortgageStream have negotiated a further discount for brokerages using the PhoneStream call recording facility that can be bolted onto the standard MortgageStream system to record all inbound and outbound phone calls and client interviews.
Richard Turnbull, underwriting director at Collegiate Underwriting, said: “Underwriting professional indemnity insurance is about understanding risk and any actions taken to reduce the likelihood of a successful claim being made on a policy.
“We recognise the benefits of the services offered by MortgageStream in reducing this risk and that individuals using their point of sale and compliance software are in a better position to demonstrate a compliant attitude towards reaching their TCF goals and defend the suitability of any advice or services provided should this ever be called into question by a client or the regulator.
“Those also utilising the services of PhoneStream will have the capacity to provide additional evidence for all interviews and telephone conversations assisting with the defence of any notification that may arise.
“For the above reasons we are able to reflect the reduced risk of any individual or firm that subscribes to some or all the above services in beneficial terms on their PI insurance.”
Paul Holden, sales director at MortgageStream, added: “Over the last few years brokers have faced rising PI premiums, this factor combined with diminishing revenues have made things really tough for firms.
“We recognised this fact and wanted to help brokers make the best of their situation, we were therefore delighted to partner with Collegiate Underwriting to be able to offer a two tier discount off the cost of PI cover for MortgageStream and PhoneStream users.
“The scheme is open to both new and existing MortgageStream users of all sizes and goes some way to helping brokers maximise their systems and to reduce their costs.
“With mortgage market conditions showing clear signs of improvement, we hope that successful brokerages will take advantage of this offer to enhance and protect their businesses.”