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Broker Information about Prospr by Sun Life
Broker Information about Prospr by Sun Life

insurance leads, sun life, insurance referral

Marnie George avatar
Written by Marnie George
Updated this week


Prospr by Sun Life is a modern way of protecting clients, often with better coverage and less expensive options than traditional mortgage insurance.

Why Prospr?

Better protection and more flexibility for your clients
Traditional mortgage insurance – also called creditor insurance – helps cover your client's mortgage if something happens. If they get sick or die, it pays the lender some or all of the remaining balance of your mortgage. You don’t get to decide who gets the money.

A mortgage protection solution from Prospr is different. The money from a claim goes to loved ones to use as needed. Coverage doesn’t change just because client pays off mortgage or changes lenders.

Automated in Finmo

There's full functionality built into Finmo, so you can easily send referrals through. Once you've sent a referral, there is a column on the Finmo deal dashboard to keep you updated on the status.

$ The Prospr referral bonus

By referring your clients to Prospr, you can earn $850 while helping protect your clients and the ones they love.

You can however earn more! If you refer both a borrower and a co-borrower and they both get a policy you can get paid for BOTH. You could earn $1,700 per application!

Join the Program

If you don't yet have an agreement in place, book in with us to get started. After that, we'll turn on Prospr for you on Finmo.

Then, leverage our online toolkit for all your training needs - templates, forms, messaging and more.


Refer to Prospr in Finmo

Step 1 – Contract: You or your brokerage must sign a contract with Sun Life.

Step 2 – Consent: You'll need to have third party consent to refer a lead to Prospr. If you gather consent through Finmo, this is covered for you.

NOTE: Text will be automatically added to your online Client Consent on Finmo in order to gain consent to share your borrower's contact information with a third party.


How to send leads in Finmo

After you submitted a deal in Finmo:

1. Go to Compliance > Insurance

2. Check the borrowers you want to refer and select the Referral Agent from the dropdown menu

You can choose to refer individual borrower on a deal or all of them by unchecking the checkbox beside their name.

3. Click on the green button “Refer borrower(s) to Prospr”

4. Confirm that you have spoken to your clients and they have agreed to speak with Prospr.

Pro tip! Once you click the “refer” button, your compliance docs will be auto-generated and ready to add to your e-signing package with just a couple of clicks.

5. You'll be cc'ed on the confirmation email to your client. Encourage your client(s) to book directly in, with this booking link.

6. Track the status of your referral from the deals table


FAQ's

(Click the arrow to read the answer)

Is Prospr pre-underwritten?

Yes! This means underwriting happens before the policy goes into force.

Are there any specific things I need to say to gain consent?

Prospr by Sun Life will be calling your client within 2-4 hours of you sending the referral through. Your client should be expecting this call and interested in speaking with Prospr. So, while there is no specific language, we encourage you to enable your client to be in the know. Check out our online toolkit for email templates and resources to use when introducing Prospr to your client.

Can both Prospr and MPP be offered?

Yes! Both can be offered, but only the policy that goes into force will lead to payment.

From a compliance stand-point, are there any steps I need to take?

In your "Required documents" in the "Compliance" section, you will see "Prospr i insurance referral documents added to your list. The signed document will be for your compliance records. There is no need to send the form in to SunLife.

How do I disable sending a lead to Prospr if the borrower opts out?

You simply don't click the Prospr box when completing your funding docs in Finmo.

I've left my brokerage, can I still send leads to Prospr?

You can send leads to Prospr as long as you or your current brokerage has a contract with Sun Life.

How can I check the status of my Prospr leads?

See step 6 above - there is a column on your Finmo deal dashboard called "Prospr referral status".

If you see the status is "Borrower not reachable" that means Prospr was not able to contact the borrower. Contact your client and encourage them to book in, or use the pre-written reminder template by clicking "Send Reminder".

How will I get paid for Prospr referrals that lead to policies?

Sun Life will pay the agreement owner who will distribute it accordingly. This will be done in the month after the policy goes into force.

What is the phone number Sun Life will call from so my client's know it's not a spam call?

tel:1-888-444-9983. Please note this is a client facing phone number to be used to connect with an advisor at Sun Life

How do I cancel a referral to Prospr?

If you wish to cancel a referral to Prospr by Sun Life you will need to email support@finmo.ca. In the subject line state, Finmo application ID; (Example: ABCD-F012323) and the client first and last name. The body of the email should include the note to cancel the referral.
Also, your client can reply to any message from Prospr by Sun Life requesting the referral to be cancelled.

How much will I earn selling Prospr?

Up to $850 on the first policy placed for each client. With activation rates as high as 30%, offering Prospr can be incredibly lucrative for brokers. You can however earn more! If you refer both a borrower and a co-borrower and they both get a policy you can get paid for BOTH. You could earn $1,700 per application!


Please feel free to click on the chat button should you have any questions.

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