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A deal between Sherlok and the mortgage broking business has been finalised, introducing the AI technology to latter’s operations.
Sherlok and Redrock Group have agreed to an arrangement to integrate the former's artificial intelligence-powered technology with the mortgage broking business.
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According to a statement from Sherlok, this partnership will give brokers under Redrock Group the ability to “reprice their clients in a single click and save them thousands of dollars in interest in the process”, allowing them to “earn more trail commission for longer allowing them to reinvest in their business”, while assuring that “lenders get to keep their clients”.
It’s been said that some Redrock Group brokers have begun to self-onboard as of this month, and that more than 140 of the group’s brokers will follow from early next year.
As per Sherlok, this deal marks one of the first instances a major brokerage has partnered with the refinancing platform.
Sherlok founder and chief executive Adam Grocke said: “Sherlok’s mission is to put brokers and their clients first by helping everyone save money with a single click, and this partnership helps us get that much closer to achieving our mission.
“Our data shows that a client on a competitive interest rate is significantly less likely to leave a broker and loyalty is increased.”
Mr Grocke added that Sherlok sees the “next biggest risk to mortgage brokers” being increased trail book churn, which he insists the platform can prevent.
“Redrock’s broker-centric and client-centric approach shows exceptional commitment and leadership by providing the best technology for broker success, and driving better customer outcomes now and in the future,” Mr Grocke concluded.
Redrock Group managing director Andrew Cowan said: “Sherlok’s AI technology is a real game changer for brokers in identifying new business and protecting trailing income, all made so much simpler with Sherlok’s intuitive technology.”
[Related: New year, new owner for Finsure]
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