Scottish Widows has signed transaction software provider Focus Solutions to process new business applications electronically.
Widows will use the Focus goal:technology system for processing and transacting its life and pensions products.
The software allows insurance companies to create electronic application forms which can be used across a variety of distribution channels.
The provider will use the Focus technology initially to collect transactions electronically from IFA channels through service providers.
Focus says the life and pension industry spends£6bn a year on acquiring and processing new business and says technology can help reduce these costs as well as speed up the process.
Other companies using goal:technology include Norwich Union, Skandia, Standard Life, Aegon, Legal & General, Royal & Sun Alliance and Scottish Provident.
Focus transaction software is also used on Assureweb, the Exchange and Synaptic portals.
Head of e-commerce Ian Lockhart says: “Scottish Widows is constantly looking to increase the speed of bringing new products to market and to reduce the costs of acquiring new business. Goal:techn-ology from Focus will play a key part in helping us achieve this, particularly within the IFA community.”