Maestro better but still not functional

Good to see the Maestro home page redesigned after comments the other day. It now looks a lot better, and clearly we are expected to get one of the three quotes now.

maestro

However, there is still some work to do.

Try asking for a quote for $1m of Life Cover (you can’t – too many zeros).

Try asking for  Life Cover, Trauma Protection and Income Protection for any amount. You can’t – no response arrives.

Try clicking on the Step 1 Sorted link in mortgages (you can’t)

Try getting a mortgage quote – it asks you to register before getting a quote. (a big no no)

Try going back to the home page by clicking on the logo (you can’t)

All of this was in Safari on OSX, and half of in this was also in Firefox on Windows (I didn’t test the other half). This took about 4 minutes of ‘testing’.

So – lots of work to do, but if Maestro is dynamic enough then they may just tweak this thing enough to be interesting.

Published by Lance Wiggs

@lancewiggs

3 replies on “Maestro better but still not functional”

  1. Now that’s response time for you – still the proof of the puding and that

    We all await v2.1.1 in anticipation….

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  2. Hi Lance,

    I hope the move to Perth is going well. Again, thanks for your feedback; those issues have been addressed.

    A quick note (well, I wish it was quick but it needs some explanation) on the issue of mortgage quotes, which you mention above.

    Unfortunately there isn’t really a viable way to provide an automated mortgage quote that would deliver anything very meaningful. You could compare lending rates, with the lowest interest rate coming out on top, but that doesn’t give an indication of the lender’s appetite for risk.

    The lender with the best rate may only deliver that rate for applicants that meet very strict criteria, and perhaps only up to 70 percent of the value of the property, whereas a lender with a half-a-percent greater rate might lend up to 90 percent, and there might be six lenders who’d lend that much at that rate.

    So then you start to get down to things like fees and penalty clauses to find out who the best lender is – so the variables in determining who the best lender for the applicant is are great.

    If it were only those variables in play (which most lenders provide to brokers as a piece of client modeling software) then developing a meaningful comparison calculator would be feasible, if somewhat exhaustive (and expensive). However, it’s far from that simple.

    One of our major lenders has an attitude of “even if it looks like it won’t work on our software run it by us anyway, we might be able to accept it.” Over time you get a sense of each lender’s appetite for certain elements of risk, but it’s not a perfect science and in such a competitive lending market lenders do like to have opportunities put to them (succinctly, usually over the phone).

    However, given that the whole mortgage generation process is much more fluid than the largely cut and dried insurance application process – hence our ability to provide a “self select” insurance service because the quotes people receive are in most circumstances very close to or the same as the final premium – then it would waste the time of both applicants and lenders were we to try and let people choose the lender that was best for them and submit the application for us to pass on to the lending institution.

    Given the number of factors the lenders take into account we would have frustrated people turned down multiple times and frustrated lenders not wishing to deal with us.

    So why are mortgages on the site? We still think the process is more convenient than having to visit a mortgage broker in person or have one visit you in the first instance. We think that being able to apply for a loan and insurance in the same place and keep the records of all transactions in the same “online filing cabinet” is a good thing.

    Mortgage broking is also on there as a business driver for us; a means of creating cross selling opportunities. Many peoples’ first exposure to insurance comes when they purchase their first home. Relatively few people tend to think “gee, I need some life insurance,” but we know they actively seek out options for funding a house purchase. Once they’re going through that buying process they often find that some life or mortgage protection insurance is a requirement or at least a preference of the loan proceeding, as a means of increasing the lender’s confidence in them (depending on how much equity they have).

    And sure enough, as we expected, the majority of our applications so far have been for mortgages. Through the fields in the mortgage application we know what, if any, insurance cover they already have so we can tailor our subsequent communications with them on that basis.

    One final comment about the things you found is that despite very few of us at the coal face developing this (mainly me and two developers) Maestro is majority owned by a listed company, Lombard Group. Continuous disclosure rules meant we couldn’t go to a live server for a soft launch and it was even deemed a bit risky to spread the net too wide in terms of testing the test site. I wish we’d picked everything up but our core functionality is (touch wood) strong, and I’m very pleased that after nearly three weeks live we’ve had a good number of successful registrations and a small number of applications via a modest AdWords strategy. Cleaning up issues like those you’ve raised will give me confidence to begin raising awareness a little more boldly.

    Thanks again for picking these things up; it’s good of you to take the time.

    Kind regards,

    Nick

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