Retirement specialist LV claims to be the first provider to move to a fully electronic annuity application process with technology provider, Tomas.
The paperless system simplifies the application process for advisers and their clients, reducing the time it takes for the firm to process clients’ annuity applications.
As applications are completed immediately, advisers have certainty that their clients will receive the rate they were quoted at the outset.
Philip Brown, head of retirement propositions at LV, said: “This move is key to our ongoing strategy of making it easier for advisers to do business with us.
“The new system is time efficient and provides certainty for advisers that they won’t miss out on the guaranteed period; we are constantly listening to adviser feedback to ensure we are providing a quality service for them and their clients.”
Graeme Riddoch, sales and marketing director from Tomas, added: “LV is an early adopter of this type of system and we are pleased to have worked with them to get this off the ground.
“The retirement market is evolving at pace and technological developments related to streamlining processes are growing in importance and popularity throughout the industry.”
