EDM MSS: Every UK mortgage business could cut professional indemnity premiums

15 Feb 2017
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EDM MSS: Every UK mortgage business could cut professional
indemnity premiums

15th February 2017

Every business in the mortgage industry could cut its professional indemnity (PI) premiums by improving its use of technology, according to EDM Mortgage Support Services (EDM MSS). Specifically, EDM MSS believes insurance firms will lower PI premiums if they can see that organisations have rigorous and suitable control systems in place with regards to data and information management.

Joe Pepper, Managing Director of EDM MSS, commented: “Despite an intense focus on digital technologies, there are still many businesses in the UK mortgage industry storing paper records in their offices or storehouses, which makes them vulnerable to fire and even floods. This is a significant weak point for many firms. They might have to defend an action a few years down the line, for instance, and to do that they would have to find the piece of paper that proved an employee did the job properly. Paper storage is inefficient and an unnecessary risk.

“If they were to have an electronic data process signed off by the insurer that would put them in a much better place. If they are able to have that information exported and held in a secure data storage facility that isn’t subject to fire risk, then the benefit is even greater. The greater ability they have to time/ date stamp the information, authenticate individuals and locations, and date any changes, then the lower their premiums will ultimately be.”

Over the past 12-months, EDM have announced a number of new secure data management products designed to enhance existing processes within the mortgage market, several of which would help mortgage market professionals seeking to reduce their PI costs.
Brokers can work with EDM’s broker lender upload exchange, EDM BLUE, to scan their customers’ documents or take photos from mobile devices and share them with lenders in real time.  Surveyors can work with EDM’s Residential or Commercial Valuation Exchange (VEX) to securely received, complete and submit valuation reports, with the option to complete the work entirely online within a Mobile Application, storing all documents securely in EDM Online.

Last month EDM announced that Nationwide Building Society became the first lender to use EDM PRISM, a digital hub that provides an online marketplace for lenders, valuers and conveyancers to file reports and communicate in an audited, real-time basis.
Three of the top five professional valuation firms also use EDM’s bespoke Digital Mailroom, a service that captures and securely records site surveys and case notes relating to valuations. Incoming correspondence and documentation, whether sent by email, fax or post, is securely classified, indexed, routed and stored for onward processing and case audit – all within a compliant framework that can reduce PI costs.

NOTES TO EDITORS

About EDM Group: Headquartered in London, EDM Group employs over 1,400 people across the UK and US. For the financial year 2014/2015, the firm reported an annual turnover of £70+ million. In September 2015, EDM Group was ranked 43rd in the annual Sunday Times Hiscox Tech Track 100 league table, up from 57th in 2014 – a reflection of the fast-growth success of the firm and its position as a leading, global information management and digital transformation specialist.  In June 2016 EDM Group was ranked number 1 in the annual Sunday Times HSBC International Track 200.

EDM Group combines best-practice consulting and technical experience to develop bespoke outsourced solutions for a range of clients across the private and public sectors. The success of the firm has been built on its powerful Digital Mailroom document scanning and storage capability, which continues to be a core, in-demand product offering. EDM Group’s growing client base spans sectors including financial services, automotive, professional services, private healthcare, utilities, charities, and the public sector (central and local government, and NHS). Specific clients include HMRC, Legal & General, Friends Life, Bupa, Avis Budget EMEA Ltd, Nationwide Building Society, Barclays, Santander, Companies House, Lloyds Banking Group, Grant Thornton and healthcare providers including NHS Trusts and BMI hospitals.
EDM Group is accredited to ISO standards for Information Management Systems (ISO27001), Environmental Management (ISO14001) and Quality Management (ISO9001).

To see how EDM Group is transforming information management and helping organisations embrace the benefits of digitisation, please visit www.edmgroup.com

About EDM Mortgage Support Services: EDM MSS offers a range of products to help clients manage the various stages of the mortgage process.  It enables lenders to exchange data with third parties such as surveyors, solicitors, estate agents and asset managers securely and cost effectively. The platforms, including Residential and Commercial Valuation Exchanges, PRISM and LPA Exchange support key transactions within mortgage lending such as valuation and asset management instructions. EDM MSS’ customers include Nationwide, Virgin Money, Santander, Bank of Ireland, Barclays and Lloyds Banking Group.

For media enquiries:
Hugh Fasken / Judith Massey / Stephen Sheppard – Citigate Dewe Rogerson, 020 7638 9571