Some of the biggest life and pension product providers could lose out on a significant slice of IFA distribution next year if they fail to introduce an electronic valuation service, according to the latest Adviser Forum research.
Adviser Forum is a business development group of IFAs and providers which represent a total of around 21,000 registered individuals. It questioned its advisers to gauge which product providers they thought would be integral to making electronic valuations the standard way of obtaining policy information next year.
All the respondents thought it would be essential for Norwich Union and Standard Life to be involved. Standard is one of the eight product providers already offering the service and this number is expected to grow to 12 next year.
Over half of the advisers thought that Zurich should be involved and 27 per cent mentioned Scottish Provident. Neither of these firms has released details to the Financial Technology Research Centre of plans to offer the service in the next 12 months.
FTRC director Ian McKenna says: “I am certain this will have an impact on distribution. When costs are under pressure as never before, advisers cannot afford to deal with providers in an inefficient way.”