Acre Software, a blockchain-based startup working in the mortgage and insurance market, is all set to revamp its insurance and mortgage applications for advisers after successfully raising €5 million ($6.5 million) from Sesame Bankhall Group (SBG) and Aviva, as confirmed by their press release. Aviva is a British based insurance company while Sesame Bankhall Group is an advisory firm.
Seventy-five percent of the total mortgages in Britain are distributed and promoted through advisers even though there has been a rapid rise in the number of lenders and new challengers in the field.
Acre Software plans to improve customer experience by taking a leaf out of the market disruptors’ books and facilitating end-user experience delivered to their users at a much faster speed. By doing so, their ultimate goal is to help advisers hold their position in the mortgage market.
How is Acre’s Software Going to Help Advisers and Brokers Retain their Position?
The report also says that in order to achieve its aim, Acre is going to link all elements of the mortgage advice process using blockchain into an unalterable transaction record which will help brokers get back into business providing customers with an ideal and faster journey. Moreover, it will help make sure adequate steps have been taken to keep the process in check.
Acre has automated procedures for compliance, for customers and brokers for the seamless sharing of documents such as the payslips and proof of identity. The firm may engage with the eleven thousand advisers of SBG which is to be a part of an exclusive deal between SBG and Acre.
A Word by Acre’s Chief Executive
Acre’s Chief Executive and former Founders Factory Executive, Justus Brown said that he feels that the existing mortgage process is quite slow, highly regulated and cumbersome. Customers have to wait because of duplicating data into applications and portals and slow and old systems. Moreover, often the work is repeated. In such a scenario, Acre Software’s new initiative is going to prove quite beneficial.