Network Burns Anderson is pioneering software by Synaptic Systems which enables IFAs to submit new business application forms directly to product providers online.
Synaptic says the service, called the EZ new business application, will dramatically increase the processing speed of each application, freeing IFAs to devote more time to clients.
The system will initially be limited to investment bonds but term insurance will be added in October once the industry has agreed the Origo standard for the product.
Burns Anderson was chosen for the first stage of the system's implementation because of its large amount of investment bond business.
Next month, the service will be rolled out to existing Synaptic users and IFAs free of charge. It currently has links with 6,500 IFAs.
Synaptic says IFAs can save time by using the system because there is only one dec-laration form and they do not have to go to providers' websites to complete an application.
IFAs can hold a completed application in their laptop and complete it when they return to the office.
Burns Anderson network training manager Richard Howells says: “We are delighted to be taking part in this pilot scheme. It is tools like this which will free up our members' time so they can spend more time with clients and less dealing with admin.”
Legal & General is the first provider to do business over the internet using Origo's common internet trading standards through The Exchange service provider.
IFAs can electronically transact with-profits bonds by directly linking their back- office systems to the provider's system via The Exchange using Origo standards. The system will soon be available on the Misys and Assuresoft portals.