Prudential to offer 24-hour offer turnaround

The range will cover a wider scope of conditions covered, which will qualify more consumers for enhanced rates.

Prudential has also developed a new automated underwriting tool that will provide guaranteed, rather than indicative rates, within 24 hours.

Athole Smith, head of annuity development of Prudential, said: "Prudential already covers a whole area of retirement income with our product suite and one area that we wanted to improve and relaunch was the enhanced annuity."

Darragh Leeson, head of media relations for Prudential, said: "If you look at the annuity market place, one area where we did not have a core strength or a core product that advisers would expect us to have because we are so strong in every other area of the enhanced market.

"Mr Smith has been out speaking to advisers for the best part of 15 months or so asking them what they would like to see."

Mr Smith said the main feedback he had received from advisers was they required a speedy turnaround in getting an annuity quote.

He said: "What we have done is developed an expert underwriting system so the adviser gets a customer to complete a medical questionnaire, we take that questionnaire, key it into the underwriting system which enables us then to give a quote straightaway for an adviser."

Robert Treweek, consultant of Leeds-based IFA Pearson Jones, said while he did not think the developments were ground-breaking they were a step in the right direction, in particular the ability to quote a real rather than indicative rate.

He said: "I do not recall particularly protracted situations as far as getting quotes based on medical information from specialist providers. I would not say I am generally waiting for a week, it is typically two or three days from recollection but 24 hours is good."