Annuity Exchange has set up a whole of market enhanced ann-uity service in a bid to help IFAs reduce the cost of advice without compromising on the rate.
Annuityhealthform.co.uk all-ows clients to complete health details online and scan any extra documents such as prescriptions into the same database. The length of the form reflects the client’s health, so more details will be required for those with a number of conditions.
Annuityhealthform.co.uk obtains real-time messages or XML responses from providers. Once the information has been inputted, the service will pre-populate applications forms to providers.
Director Stuart Bayliss says 70 per cent of annuity forms are currently incomplete or ineligible when submitted. He says Annuityhealthform.co.uk will help to rectify this without IFAs having to “cut corners”.
Bayliss says the industry has been self-serving in its simplification of forms and he does not believe that clients want a fast-tracked process if it comes at the expense of income.