Only one generic form now needs to be completed by the adviser and client to obtain offer terms from each of the participating providers, which include GE Life, Norwich Union, Partnership Assurance, Prudential and Scottish Widows.
The initiative was instigated by Partnership Assurance.
Partnership Assurance managing director Steve Groves, comments: “It just didn’t make sense for advisers to have to complete several different forms in order to obtain a range of quotes. One form saves both the adviser and client time and effort. This approach has already delivered process efficiencies in the Long Term Care market, where this practice has been in place for a few years.”
Annuity Direct director Stuart Bayliss comments: “The creation of one common quotation form is long awaited. It simplifies the application process and significantly reduces paperwork enabling us to focus on what we do best – giving advice!”
Origen head of annuities Nick Flynn: “For a long time advisers have asked for a solution to all the duplication. It’s good to see the major providers working together to address this issue.”