MARS expanded to include customer vulnerability data for households

Published on

MorganAsh has added a new enhancement to the MorganAsh Resilience System (MARS) to now present vulnerability data for households, as well as for individuals.

The firm believes its latest upgrade will better reflect vulnerabilities within families, with many financial decisions made for a family rather than for each individual separately. Mortgages, joint life insurance, property insurance and retirement planning are all typically undertaken for family units.

MARS provides an objective method to measure consumer characteristics, generating a Resilience Rating – much like a credit score. This enables individual data and family data to be collated in a consistent manner. With the new update, MARS now provides a combined Resilience Rating for each family member and for the household. This may include children and reflect, for example, a disabled child and caring responsibilities – as well as the vulnerability characteristics of the parents.

When circumstances change – such as if parents divorce, or one party moves into care – then this is reflected in the combined Resilience Rating for the family, as well as the individual. There is also the ability to move individuals to different family groups and premises.

The move will also help to solve intergenerational planning issues, enabling advisers to properly engage with the children or beneficiaries following the passing of their parents, the firm claims.

MARS tracks the Resilience Rating over years – for both individuals and households. Changes in the Resilience Rating for both households and individuals can be set to trigger specific actions and signposting depending on the circumstances and potential harms. Therefore, when circumstances or the household changes, this is then reflected in the Resilience Rating – and may trigger a prompt for some activity.

Andrew Gething (pictured), managing director of MorganAsh, said: “Many financial transactions are undertaken on a family basis and often, family units compensate for the vulnerabilities of others. While an individual may well be resilient – they might also be caring for a disabled child or elderly relative; this can impact their own resilience and needs to be taken into account in any financial planning or servicing.

“This upgrade to MARS links this premises-level data with individual data – so both can be used and compared. This is an important step in progressing towards data portability and the sharing of vulnerability data between firms. Understanding and being able to monitor at both an individual and a household level reflects the real world and is a powerful new addition to the MARS platform.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

REalyse reports 30% month-on-month growth as brokers and agents tap into AI tools

Proptech platform REalyse has reported a 30% month-on-month increase in agent sign-ups to its...

Cooling rental market signals shift in tenant behaviour as first-time buyers return

Tenant demand across Great Britain has dropped sharply, marking a significant turning point in...

Mortgage advice in jeopardy as FCA reopens the door to execution-only

Execution only and FCA’s consultation has been playing on my mind. Having navigated decades...

Sellers cut prices as property market enters price-sensitive summer phase

Home sellers have reduced asking prices this month, signalling a shift in strategy as...

Cambrian Associates enters administration as HCI acquires regulated assets

The financial advice firm Cambrian Associates Limited has entered administration, with joint administrators Dean...

Latest opinions

U.S. Market: lower rates are needed to help unlock the market

When Donald Trump was reelected and took office at the start of this year,...

Mortgage advice in jeopardy as FCA reopens the door to execution-only

Execution only and FCA’s consultation has been playing on my mind. Having navigated decades...

A home shouldn’t be out of reach for those who keep the UK running

In a housing market that has grown steadily more selective, it is often those...

Richard Pike: A conference of positivity – Global ABS Day three

It’s time for reflection of the last three days here in Barca. To readers,...

Other news

U.S. Market: lower rates are needed to help unlock the market

When Donald Trump was reelected and took office at the start of this year,...

Cooling rental market signals shift in tenant behaviour as first-time buyers return

Tenant demand across Great Britain has dropped sharply, marking a significant turning point in...

REalyse reports 30% month-on-month growth as brokers and agents tap into AI tools

Proptech platform REalyse has reported a 30% month-on-month increase in agent sign-ups to its...