IFAs can now conduct business online through four portals following the launch of a business service from Synaptic Systems.
Synaptic is adding the service to its research and quotation tools so IFAs can complete new business applications online, ranking the service alongside The Exchange, Assureweb and M-Link.
The Exchange was the only player in the market for quotation services and new business application technology for a number of years until Assureweb and M-Link entered the market in 1997 and 2000 respectively.
Investment bonds and stakeholder transactions can be completed online using Synaptic's EZNew Business service with five providers – Clerical Medical, Friends Provident, Norwich Union, Legal & General and Standard Life – on board. Axa Sun Life, Royal & Sun Alliance, Scottish Provident and Scottish Mutual are also due to go live on the service in the next few weeks.
Some providers are offering enhanced commission rates to users submitting applications online.
Synaptic Systems managing director Selwyn Herring says: “Online applications are the final part of the process of writing new business.
“Using our product research and online tools for quotations and new business applications, we are developing a complete end to end solution for all IFAs.”
Financial Technology Centre director Ian McKenna says: “We are seeing a broader range of services coming forward for IFAs, giving them more competition and good choices at affordable prices. Synaptic has always had a core of loyal users for its research product which gives huge opportunity to leverage new business from these IFAs.”