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Income maximisation in debt advice

We are excited to announce a new feature that allows debt advisers to provide income maximisation services from their existing CRMs, case management systems and Income & Expenses applications.

Debt advice is a notoriously difficult process where advisers need to navigate between complex and changing regulations, a wide array of stakeholders and customers that are experiencing severe financial difficulties and heightened stress levels.

As if that weren’t hard enough, advisers also have to juggle between several silo systems including government and creditors portals, customers’ banking statements, case management systems, Income & Expenses applications and benefits calculators.

This new feature helps to simplify and automate debt advisers’ workflows so they spend their time where it matters most, understanding customers’ circumstances and helping them to choose the right debt solution.

Solution

We have configured a new endpoint in our benefits platform that allows debt advice platforms to offer embedded features for income maximisation, benefits calculation and benefits monitoring:

  1. This endpoint receives the data available in the Standard Financial Statement (or Common Financial Statement in Scotland) to estimate the extra benefits customers can get.
  2. Advisers (or their customers) get a notification of the extra benefits they can get.
  3. Advisers and customers can complete the missing information to find out the exact amount of benefits they can get.
  4. Advisers can incorporate potential benefits into customers’ budgets and simulate different scenarios according to changes in customers’ circumstances and financial situation.

This solution also ensures that customers are always receiving the correct amount of benefits by capturing customers’ most updated financial information, recalculating their benefits entitlement and notifying them about potential under or over claimed benefits.

Benefits

Our benefits platform offers the following benefits to simplify and automate advisers’ workflows:

  • Offer income maximisation services from the platforms that advisers are comfortable working with.
  • Prepopulate the benefits questionnaire with the data from Income & Expenses forms.
  • Avoid having to enter, copy, download and upload data across different systems.

The integration is super simple and we provide an incremental process that allows our partners to offer income maximisation services with minimum effort.

Feel free to reach out if you want to explore how you can embed a benefits check into your debt advice platform and view our benefits platform in action!