Featured Articles
There once was a financial adviser who bid goodbye to his clients and followed his business nose to explore financial industry enterprises of his own.
Now 14 years, a dabble in property and a few business models later, and Jason Butler, chief executive of Jump Money, is sitting back in his chair at a Mayfair Hotel wearing a crisp white shirt and detailing his fast-growing business success.
Mr Butler has founded and invested heavily into Jump Money, a wholly technological advice firm offering protection and general insurance advice.
It is not simply a comparison site, but its advisers will not find their way into a client’s living room to talk numbers holistically. It is a business model that has dished up a “vibrant and modern” something in between.
The venture evolved out of a gap Mr Butler spotted in the market. The consumers he had in mind were young professionals seeking efficiency and minimal input but with product confusion standing in their way.
Mr Butler said the process was fully advised, but just in a different way. He added: “We offer a simplified advice process to find the protection that best suits the consumer. If someone wanted to buy life cover or protection for their family and did not know where to start, we would advise on which products are right. We do not just locate a product.”
Jump Money handles each individual client from the factfind beginning to the product policy end. In between there are several stages involving a telephone, a Jump account and a personalised service, without ever engaging in a face-to-face meeting.
For example, when taking on a protection query, a Jump Money adviser will email full terms and conditions to the client, and begin a full protection review.
Mr Butler said: “We look at what their needs are, whether they have a mortgage and find out their full circumstances over the phone. We probe them until they tell us everything to make sure everything is right. We then make two or three proposals that we think are right for them.”
The advisers will complete everything from initial introduction to medical details and product proposals. Once a client has selected a product and agreed, it is then handed over to the back-end support team to finalise all the paperwork.
The client will then be passed to the client relationship management team which will look at any ongoing services it can offer. Jump also undertakes yearly reviews.
All Jump advisers have been working across the company’s technology platform and everything has been designed to be online.
Mr Butler said: “When a client calls up and wants protection or insurance we open a Jump account for them. There is an area on the website to handle all the documentation that we would need to exchange with them if it were a face-to-face meeting.
“We normally find that the people coming to us are not those who want that IFA relationship, or more complex advice on, say, pensions and investments. They just want protection and insurance so we can help them with that. It is all telephone and online based.”
As long as a client has access to the internet, their account can be accessed on a web browser wherever they may be in the world. Mr Butler said the goal was to be the modern adviser for the young professionals. Its target consumer would be those who may not necessarily need an adviser to sit with them in their home and go through everything.
Although the retail distribution review is not much of a concern for the firm, Mr Butler believes it was going to “turn the industry upside down”.
He added: “It is changing the way the consumer engages with an adviser and the consumer’s needs are evolving too.
“I am not educated enough on RDR to comment in-depth but it will naturally change the way the consumer refers to financial advice.
“I think if advice becomes unaffordable our business model will be like the middle ground for those who want an easy but expert process to get protection or insurance in place.”
Mr Butler said insurance providers will have to get their distribution channels right to tackle industry change. He added: “That will be key for them.
“For us, we know we have to be the best at distributing those protection and insurance products and maintain a high level of service to get that added value.”
According to Mr Butler, the traditional way to give advice was for an IFA to come round and bounce the baby on his knee and have a cup of tea, adding that there would always be a home for that.
He said: “But there is a new emerging consumer. We do have plans to roll our proposition out in pensions and investments perhaps, but we would need to do a whole lot more research for that in how we would be able to offer it.”
From Mr Butler’s observations, he said people had always thought the cheapest was best and selected from a comparison site with that approach.
He added: “I come from a face-to-face adviser point of view and I know what is going on in the market. There has been a marked change in attitudes and people are now realising that comparing the market and using money supermarkets is only giving them a brand name and a price.
“There is no added value or guidance above that. It has been about taking the good parts of the old way and shaking it up to deliver it in a different way.”
Jump Money has a series of web and media partners who cater for those people who are out searching for protection. The firm links to those partners that have the internet as their base.
For example, if there were a banner that came up on the internet asking users about protection quotes and somebody clicked through to enter their details, one in five times the information will go through to Jump Money.
The firm also offers a three-tier career path for its advisers. The first tier is ‘adviser’ level and all new employees must complete an five-day initial induction programme. They must demonstrate competency in providing life assurance advice through observed role plays and a series of written exams.
They have the opportunity to progress up to associate level and, at the invitation of the board, onto the top partnership level.
To meet the levels of associate and partner, advisers must meet a series of qualifications and longevity benchmarks. Their work will also be measured by Jump’s ‘business quality score’ that looks at advice, retentions and number of policies written.
Mr Butler said that when staff pass, the whole firm knows about it and certificates are put on the wall.
Jump Money has, in simple terms, spent a year building software and systems to handle high business volumes.
Its challenge now, as the firm is on target to hit 90,000 life insurance and critical illness queries this year, is handling all those consumers without causing an extra burden and letting service standards slide. And for Jump, that will all be about technology and recruitment.
Featured Articles
http://www.myintroducer.com/
http://www.cherryplc.co.uk/
http://www.bestadvice.net/
Jump Money, the nationwide financial advisers, has spent quarter three 2011 focusing on the quality of its business and has introduced a series of measures designed to improve policy persistency rates.
Jason Butler, the new CEO of Jump Money who joined the business in June this year, has implemented a number of infrastructure changes to the way its advisers and customer services teams work along with the processes undertaken when arranging and implementing advised life business.
Some of the improvements that have been implemented during quarter three include:
Butler consulted with a number of providers, most notably Legal &General, who as a major stakeholder were happy to assist in this project in order to put in place these best practice measures which are designed to deliver an overall improvement in the business quality.
Jump Money anticipates strong business volumes in quarter four 2011 and moving forward into 2012.
Jason Butler, CEO of Jump Money, commented:“Since I started work at the company it was clear that we as Jump Money, and the entire life assurance and protection policy industry, needed to pay particular attention to the ever challenging persistency issues that continue to consume some of the larger market distributors. To that end we set about looking not just at our processes but those of all stakeholders; it is of major importance to us that we deliver our USPs professionally and profitably and focus on quality-only advisers actively advising at the front end who meet a strict set of performance indicators.
“We have in place a customer services department that focuses solely on the client journey and ensures the client is informed and advised at all stages of the process. We also have, as necessary, addressed the practices of both providers and media suppliers in a bid to come up with an integrated solution that ultimately increases the persistency and quality of the business we issue.
“To that end we have all worked hard during quarter three and the implemented changes have consumed a considerable amount of resource and cost. In that time we have seen a natural, short-term reduction in volume however the changes have produced immediate improvement to cancellation and persistency.
“My job has not been to tear up the way Jump previously conducted business but to consult with providers and media partners in order to put in place a range of new processes which improve quality and ultimately deliver sustainable and profitable business. These are early days of course but I am very pleased at the interim benefits of such changes and we certainly anticipate great improvement for the rest of the year and into 2012 and beyond.”
Jump Money predominantly offers life assurance and protection policy advice however it is also active in a number of other sectors including general insurance.
For full information on Jump Money visit: www.jumpmoney.co.uk
Featured Articles
http://www.ftadviser.com/
http://www.mortgageintroducer.com/
http://www.mortgagesolutions.co.uk/
Jump Money, the nationwide financial advisers, has today (5 September 2011) introduced a three-tier structure for its protection and general insurance (GI) advisers to progress through
All Advisers now have the opportunity to progress from this status up to Associate level and, at the invitation of the Board, on to the top Partnership level. To meet these levels Advisers must meet a series of qualifications and longevity benchmarks, plus they have to ensure a consistent level on Jump Money’s ‘Business Quality Score’ (BQS) which measures the adviser’s work in terms of quality of advice, retentions and number of policies written.
At the first ‘Adviser’ level new employees must complete an initial induction programme over a five day period and must demonstrate competency in the advice they provide to life assurance clients by observed role plays and a series of written exams to test their knowledge. If they complete this stage, over the next six months they will be monitored and assessed to ensure their BQS is of a sufficiently high standard. Once signed off their probationary period they are encouraged to commence study for their Chartered Insurance Institute (CII) Certificate in Insurance qualification.
After 12 months service, the adviser can look to secure ‘Associate’ status. To do this they must have passed their Certificate in Insurance, they must have a strong BQS performance, and they must also be actively working towards their Diploma in Insurance. Those who progress to Associate level receive salary increases and increased holiday entitlement.
The final tier comes by invitation of the Board only and it is to progress to ‘Partnership’ level. This requires a minimum of two years service and the individual must have achieved their Diploma in Insurance, coupled with an ongoing strong BQS performance. In achieving Partnership status, individuals will qualify for increased salary, holiday and pension, plus will be offered greater flexibility in terms of working hours.
Jason Butler, CEO of Jump Money, commented:“We believe it is vitally important to have a strong structure in place in order to incentivise our advisers and to ensure that we have quality individuals across the entire business. This new tiered progression allows our advisers to showcase their abilities and to be rewarded for achieving their continuous professional development responsibilities via external professional qualifications and meeting the high BQS standards we set. New advisers now have a clear career path progression however not all will remain as advisers for the rest of their time at Jump Money. We have a policy of promoting from within where appropriate and there are already advisers within the business who have gone on to become Sales Managers and Team Leaders of other departments. We already have a number of individuals working towards Partnership status and we fully anticipate a significant number will achieve this over the next 12 months. As always, we are actively looking to recruit individuals who are looking for a career in the advice profession and we believe this new structure provides the ideal offering for those looking for a structured and rewarding opportunity.”
Jump Money predominantly offers life assurance and protection policy advice however it is also active in a number of other sectors including general insurance and private medical insurance.
For full information on Jump Money visit: www.jumpmoney.co.uk
Featured Articles
http://www.myintroducer.com/
http://www.ftadviser.com/
http://careersincollections.com/
Paul Stimpson, Compliance Office at Jump Money, the nationwide financial advisers, has recently completed the ‘Three Peaks Challenge’ covering Yorkshire’s highest mountain peaks – Pen-Y-Ghent, Whernside and Ingleborough.
Paul completed the 24.5 mile/5,000 feet total climb in just over nine hours and in the process raised over £3,000, split between the British Heart Foundation and Paul’s local cricket club, New Earswick CC.
Paul was joined by 15 fellow cricket club members and their nine-hour time knocked three hours off the time set by the organisers to complete the arduous challenge.
Paul Stimpson, Compliance Office at Jump Money, commented:“We set ourselves the challenge of running up the Three Peaks but having realised their size, we decided to walk them like everyone else. Our cricket team is not always the best at moving its feet but they all took up the challenge and we were pleased to complete all three mountains in nine hours, despite the typical Yorkshire weather that accompanied us. A big thank you to all those who helped us raise our money, particularly everyone at Jump Money. It was tough but rewarding and went some way to proving that, unlike what my Jump Money colleagues might think, I’m not over the hill – or mountain – yet.”
Paul is pictured at the top of Pen-Y-Ghent having completed the challenge.
Jump Money predominantly offers life assurance and protection policy advice however it is also active in a number of other sectors including general insurance and private medical insurance.
For full information on Jump Money visit: www.jumpmoney.co.uk
Featured Articles
http://www.ifaonline.co.uk/
http://www.ftadviser.com/
http://www.myintroducer.com/
http://www.mortgageintroducer.com/
Jason Butler, new CEO of Jump Money, the nationwide financial advisers, has today (5th July 2011) urged all stakeholders within the life assurance market to work together to tackle the ongoing problem of cancellation and persistency rates that continue to be an issue.
Butler is seeking to bring distributors, providers and media sources together to tackle the issues which he believes are a major stumbling block for the life assurance market.
Jump Money is keen to engage the industry in a discussion regarding how cancellation rates can be driven lower. While Jump Money has a strong record when it comes to managing its net lapse and persistency rates he believes that improvements in both areas can be achieved.
Butler argues that providers in particular need to work to understand the significant differences and challenges that volume distributors, like Jump Money, face as well as understanding the nature of the enquiries they generate and the likely key performance indicators that this type of business will create.
He also stresses that the industry needs to look closely at the quality of media enquiries it generates in order to ratchet down the number of leads that cannot be fulfilled, are of dubious quality or have been targeted repeatedly in order to promote product churn.
Jason Butler, CEO of Jump Money, commented:"As a volume distributor of life assurance products we want to see progress made on issues like policy cancellations and see an improvement across the market in terms of persistency rates. We are particularly focused on these areas at Jump Money, however, one of my first acts as the new CEO is to try to gain an understanding of the reasons for the current levels throughout the market, and to engage with providers and media sources of leads to deliver real improvement in this area. Our aim is simple, to work with such stakeholders to ensure they have an understanding of the challenges facing operators like ourselves and to ultimately make sure we can drive greater quality business while maintaining volume product distribution and advice."
"Improvements in quality are at the heart of this industry challenge and we particularly want to work with quality media sources to cut out some of the more common causes of cancellations which are a waste of both the distributor and the provider’s time and money. It is clear that to improve this area will require industry-wide consensus and co-operation plus a commitment to drive positive change from all stakeholders. However, we believe with support from all sides of the industry we will be able to deliver long-term success in these important areas not just for Jump Money’s business but for all distributors and advisers active in the marketplace. We are therefore urging all such players to engage in this important debate with us in order to firstly gain an understanding of the key problems and to then put specific actions in place to offer overall improvement."
Jump Money predominantly offers life assurance and protection policy advice however it is also active in a number of other sectors including general insurance and private medical insurance.
For full information on Jump Money visit: www.jumpmoney.co.uk
Featured Articles
http://www.ftadviser.com/
http://www.myintroducer.com/
Jump Money, the nationwide financial advisers, have today (28th June 2011) launched two new services for customers – the ‘Jump Account’ and ‘Jump Premier Account’.
From this month all new and existing Jump Money customers receive a ‘Jump Account’ providing a document store to view and print all their existing policies. With their unique username and password customers will be able to access all the policies they have bought via Jump Money and also see where they may have gaps in their protection and life assurance cover. The ‘Jump Account’ also allows customers to write life policies into a bespoke Trust using Jump’s unique Trust-writing software.
Jump Money has also launched the ‘Jump Premier Account’ which is being provided free to all new customers for an initial period of six months, after which there is a cost of £4.99 per month. If the customer purchases a life product within those first six months they receive the ‘Premier Account’ upgrade for 10 months. If, at the end of their free trial period the customer does not wish to continue with the ‘Jump Premier Account’ they will return to the standard ‘Jump Account’.
Holders of the ‘Jump Premier Account’ get all the same policy store and trust-building benefits as the standard account however they also receive the following:
Existing customers will be offered a free upgrade to the ‘Jump Premier Account’ and the business expects to upgrade a minimum of 500 customers per month. Jump Money predominantly offers life assurance and protection policy advice however it is also active in a number of other sectors including general insurance and private medical insurance.
Jason Butler, CEO of Jump Money, commented:"At Jump Money we are always seeking ways to enhance the range of services we offer existing and new customers and the launch of both the ‘Jump Account’ and ‘Jump Premier Account’ have been designed to do just that. We initially wanted our customers to be able to access all their existing Jump policies at the drop of a hat, so they could easily review the cover they have, print out their policies and also see where there may be potential gaps in their protection. With this achieved we were also able to offer our trust-writing software in order to help customers build their own bespoke Trust."
“However, our intention was never to stop there which is why we can now offer the ‘Jump Premier Account’ – this comes with a variety of new free benefits and services offering free KeyCare insurance, an unlimited trust policy and free codes for significant discounts on future GI policies. As we move on Jump will be adding other services to this account and we are also looking at another level, the ‘Premier Plus Account’ which will offer even greater discounts and advanced service features for those who apply. At its core, our accounts are designed to enable customers to have easy access to their policies and they provide Jump Money with a way to communicate more effectively with our customer base. We fully anticipate strong take-up of the accounts and we will be working with customers to set up their accounts in the coming months.”
For full information on Jump Money visit: www.jumpmoney.co.uk
Featured Articles
http://www.hi-mag.com/
http://www.ccrmagazine.com/
http://www.cherryplc.co.uk/
http://www.postonline.co.uk/
Jump Money, the nationwide financial advisers, has today (22 06 2011) announced the appointment of Jason Butler as its new Chief Executive Officer.
Jason became Jump Money CEO on the 11th May having previously worked on a consultancy basis assisting management in the development of new products and services.
In his CEO role he will now be responsible for developing the range of advisory services available to clients including a significant focus on developing opportunities within Jump Money’s core protection and life assurance protection. He will also sit on the Board of Jump Money.
Butler has nearly twenty years’ experience in the insurance, property and financial services sector having previously trained as an accountant and worked at companies including Allied Dunbar Assurance and J Rothschild Assurance.
Jump Money is based in Leeds and offers clear, impartial advice covering a range of financial products. Up until now the business has been predominantly focused on the life assurance and protection sectors but is also looking to expand to offer more traditional financial advice on key consumer-based products. The key client base of the business comes from those individuals who have never used the services of a financial adviser before.
Jason Butler, CEO of Jump Money, commented:
“These are particularly exciting times for Jump Money and it is a pleasure to be joining a business which has clear goals and significant ambitions. In a short space of time Jump Money has grown in its core life assurance and protection advice markets, and my initial focus will be on developing a number of opportunities in those areas. I am also looking to work particularly hard on the customer service element at Jump Money, whilst at the same time streamlining procedures where possible and ensuring ongoing growth.
“We are committed to the provision of clear, impartial advice primarily to people who have never had financial advice before. We believe that the younger, web-savvy generation in particular are still looking for advisory services when it comes to their financial needs and here at Jump Money we offer the best of both those worlds. It is our intention to offer a wide range of services so that our brand becomes established as a ‘go to’ one for those seeking advice. I am looking forward to working with the entire Jump Money team to ensure we move rapidly to this next stage of our development whilst keeping the core service-driven ethos at the heart of our business.”
Featured Articles
http://www.mortgagesolutions.co.uk/
http://www.cherryplc.co.uk/
http://www.ccrmagazine.com/
Jump Money, the nationwide financial advisers, have today (XX 2011) outlined an enhanced recruitment strategy designed to secure a total of 30 advisers within the company by the end of 2011.
The Leeds-based advisory brand has already increased its number of in-house advisers from just two at the start of 2010 to 24 now however it has now outlined plans to add a further six recruits to the team by the end of the year.
The business is recruiting to meet an ongoing increase in monthly enquiries; new recruits are put through a rigorous induction process including home and classroom-based study, ongoing assessments, examinations, role plays followed by a fully monitored six-month probation period. Successful candidates will become financial protection advisers.
All competent financial protection advisers are also encouraged to pursue further professional qualifications which are organised and supported by Jump Money.
Jump Money predominantly offers life assurance and protection policy advice however it is also active in a number of other sectors including general insurance and private medical insurance.
Adam Temple, Managing Director of Jump Money, commented:
“As a Leeds-based business operating in the heart of the city we are focused on providing local employment opportunities. This is why we have set out a comprehensive recruitment strategy that seeks to recruit quality individuals, preferably with successful telesales experience, who would like to build a career in financial services. They will be joining an established organisation that can offer ongoing development and the opportunity to gain qualifications in an exciting field.
“In a short space of time Jump Money has grown considerably and our increased enquiry levels necessitate that we continue to grow our staff numbers across the entire company but especially in terms of qualified and highly competent financial protection advisers. We insist on a rigorous induction and qualification programme however there are significant opportunities in this market and, with the plans we have to grow the business in various different directions, we can offer new recruits a varied career path.”
For full information on Jump Money visit: www.jumpmoney.co.uk
Featured Articles
http://www.mortgagestrategy.co.uk/
http://www.caveregroup.co.uk/
Cavere Insurance secures deal with Jump Money to provide a suite of General Insurance products in the Jump Brand
Cavere Insurance the recently launched product provider today announced it has secured terms with Jump Money to provide a range of policies fully white labelled in the Jump Brand.
Jump are passionate about the products and services they offer their customers and the choice to partner with Cavere was driven by quality of cover, value for money and Cavere’s ability to deliver products consistent with the Jump brand values.
Paul Thompson, who was previously chief executive of D&D Homecare and the Swansure Group which he sold to Assurant in 2007 believes that the new Cavere Insurance platform Magenta, strongly supports advisers in building a recurring income from their existing clients and is well timed as firms such as Jump continue to look for alternative income streams or expanded portfolios.
Adam Temple Director at Jump Money commented: "We are very much committed to building a loyal client base by delivering quality products through a strongly branded proposition. We have chosen Cavere as our primary provider of general insurance products as we are confident of their ability to deliver and fulfil our demanding requirements; we look forward to working with them."
Thompson further commented: "When we formed the new company we stated in our mission statement that we saw the business as a solutions provider and not just a traditional product provider and broker. We have a role to play in facilitating profitable partnerships and we very much look forward to supporting Jump in their plans to grow their business."
About Cavere
Cavere Insurance is a master broker and managing general agent. They provide seamless fulfilment and distribution through managed relationships with underwriters and distributors.
Cavere Distributes a full suite of general insurance products tailored to the individual needs of clients including; Residential Buildings and Contents, Landlords Let Property, Income protection and supporting ancillary products. Cavere Insurance utilises an exclusive proprietary point of sale system (Magenta) that facilitates general insurance applications and end to endadministration throughout the customer journey. Central to the business is the use of technology.
Cavere leads through innovation, championing creative ideas and solutions that enable their partners to differentiate their proposition in the marketplace. All systems are designed and developed in house by a team of insurance specialists.
We have featured in:
Mortgage Strategy Click here to view
Featured Articles
http://www.mortgagesolutions.co.uk/
http://www.principlefirst.co.uk/
http://www.myintroducer.com/
http://www.cherryplc.co.uk/
Jump Money, the nationwide financial advisers, have today (18 May 2011) announced strong growth figures for 2010 covering turnover, issued policies and number of advisers.
The Leeds-based advisory brand announced improved performance for 2010 with turnover rising to just over £3 million. The number of policies issued throughout the year saw a 14% increase on forecasted figures while the number of advisers increased from two at the start of the year, to finish with 17.
Figures for the end of quarter one 2011 also reveal strong ongoing results for both turnover and the number of issued policies, considerably increased on the same quarter 12 months ago and beating forecast levels. The number of advisers has also increased to 24.
Jump Money has predominantly focused on providing advice in the life assurance and protection sectors but also offers a range of other products including general insurance, private medical insurance, secured loans, credit cards and mortgages. It has significant plans to expand into other financial advice areas such as pensions, investment and equity release in the coming months.
Jump Money's core aim is to provide financial advice products through web- based platforms to those individuals who do not already have a financial adviser. It recently launched a "Personal Account" section on the website for all existing clients which offers access to client reports, a free trust builder service, storage for all policy documentation, plus offers and discounts on other products.
Adam Temple, Managing Director of Jump Money, commented:
“The last 15 months has certainly seen the Jump Money business expand and develop as we have grown in a variety of areas. At the start of 2010 we had just two advisers and at the end of quarter one 2011 this had grown to 24 not including those based in our retentions department. As we currently stand we fully expect to substantially improve on our turnover and number of policies issued by the end of this year, whilst we will also be moving into a number of new and exciting product areas. We have established particularly strong relationshipswith insurance companies and providers and our focus remains on providing clear, impartial advice to those individuals who may not have received any sort of financial advice prior to contacting us.
"Up until now our focus has been on the life assurance and protection markets and we are currently providing a tailored advice service predominantly in this area. However it is our aim to deliver across the board covering all the needs of our clients – a true lifestyle financial advice service. Already in 2011 we have seen a considerable hike in volumes based on a vastly increased number of enquiries. From this we are developing long-term clients who want to come back to Jump Money for all their financial advice wants and needs. 2011 is shaping up to be a particularly exciting year for us and we will be announcing a series of new developments, exciting relationship and product offerings in the coming weeks and months ahead."
We have featured in:
FT Advisor Click here to view
CCR Magazine Click here to view
Principal First Click here to view
My Introducer Click here to view
Best Advice Click here to view
Cherry PLC Click here to view
Follow us 
Copyright Jump Money 2011 All Rights Reserved Jump Money Ltd is authorised and regulated by the Financial Services Authority (FSA) Registration No. 496006. The FSA website can be found at www.fsa.gov.uk.The Financial Services Authority does not regulate taxation and trust advice. Jump Money Ltd is a company registered in England and Wales registered company number 6301948 whose registered office is situated at Jump Money Ltd, Britannia House, 16 York Place, Leeds, LS1 2EU
