Legal and General has launched an online tool that allows advisers to track the progress of client applications.
The ‘Track My Apps’ service, offered via a tie-up with fintech firm Origo, is available to advisers selling Legal and General’s retirement income range of products, from fixed-term annuities to lifetime annuities.
Via the online system, advisers can access detailed progress of their clients’ pension transfers, as well as applications from when they are first made to the point when they are accepted.
According to the firm, once an application has gone live or has been cancelled, it will continue to be displayed on the system for 28 days, after which it will be removed.
The Track My Apps service is free for advisers to use once they are registered on the Legal and General portal.
Jon Scannell, distribution director, retirement income at Legal and General, said: "We’ve made a commitment to developing our retirement income proposition.
"A key part of this renewed focus is improving our digital capability to help advisers engage with us in a more efficient and effective way.
"The launch of Track My Apps for advisers is just the initial phase of our digital investment and we’re focused on further improving the service we provide to financial advisers.
"Access to the new transfer tracking service from Origo will begin that process, by giving our adviser partners real-time updates on the progress of their clients’ transfers."
Anthony Rafferty, managing director at Origo, said: "Our digital transfer tracking service enables platforms and providers to deliver a better service to their customers while reducing the volume of phone calls requesting progress updates.
"Transfer tracking frees up resources and expenditure which can be better directed elsewhere in the business."
Jon Terry, finance director at My Pension Expert, thought the service could be a "game-changer".
He said: "It's fantastic to see an industry leader like Legal & General embracing innovative technology and using it to make life easier for intermediaries. It will certainly make our processes, as well as our clients' experiences, much smoother.
"Track My Apps ultimately gives our team more time to do what we do best – making sure our clients have the financially secure retirement they deserve."
Mark Ormston, IT and admin manager at annuity broker Retirement Line, claimed the tracker system was "an important innovation to the pensions industry".
He said: "The system gives users a window into the L&G administration process and this level of transparency provides clients with an increased level of confidence in the L&G administration process.
"Having clear, accurate and up to date case information within a few clicks will result in a more efficient back office administration."
