Pensions software firm Selectapension has launched a 'Quote & Apply' tool to help advisers speed up application processes, with Aegon being the first provider to sign up.
The tool will enable advisers to create a product quotation and application without the need to re-key data entered on Selectapension.
According to the firm, the product will significantly speed up the application process, improve business efficiency and will remove re-keying risks for both advice firms and providers.
The tool uses the Origo Integration Hub to allow all connected companies - such as providers, platforms and software providers - to link to any other company for designated services, including account openings, valuations, transaction history and transfer tracking (for platforms/providers).
Andy McCabe, managing director at Selectapension, said: “Our new proposition allows the end user to streamline the advice process in one single action.
“This makes the need for separate systems or platforms a thing of the past and any time saving makes the financial review and advice process so much more cost effective.”
Tim Morris, independent financial adviser at Russell & Co, was supportive of the tool saying he had “long thought this would make sense”.
He said: “Assureweb have offered this feature for protection cases for several years. I welcome anything that increases efficiency and saves time.
“This enables advisers to deal with the squeeze of increasing regulatory fees. And to pass on cost savings to clients.”
Aegon is the first provider to adopt the tool, with the new functionality allowing users to click straight through to the Aegon Platform Sipp from Selctapension.
Advisers will also be able to get live illustrations directly from Selectapension without having to re-key information, as the Aegon Sipp illustration and any subsequent online application forms are pre-populated.
Selectapension said more providers were set to join the service “in due course”.
The service is free to use for subscribers of Selectapension and will feature across its product comparison tools – pension switching, investment switching, defined benefit transfer, new pension projections and cashflow and drawdown strategy tools.
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