LV= chooses provider, TOMAS to move to a fully electronic annuity application process.
The new paperless system is being provided by TOMAS who specialise in providing annuity services to sponsors of large defined contribution pension schemes and trustees. LV= claim this will simplify the application process for advisers and policyholders. It will reduce the time it takes for LV= to process clients’ annuity applications. As applications are completed immediately advisers have certainty that their clients will receive the annuity rate they were quoted at the outset.
The new system allows advisers to enter policyholders details to acquire quotes in the usual way on the TOMAS system. If the policyholder wants to proceed with LV= a simple click on the “apply” link will carry across the details to LV=. Once completed the application is processed, a download of a short declaration form is then sent to the policyholder to sign and return to LV=. Funds then can be applied for the funds from the transferring scheme(s).
Philip Brown, LV= Head of Retirement Propositions said: “This move is key to our ongoing strategy of making it easier for advisers to do business with us. The new system is time efficient and provides certainty for advisers that they won’t miss out on the guaranteed period. We are constantly listening to adviser feedback to ensure we are providing a quality service for them and their clients.”
Graeme Riddoch – Sales and Marketing Director from TOMAS added: “LV= is an early adopter of this type of system and we are pleased to have worked with them to get this off the ground. The retirement market is evolving at pace and technological developments related to streamlining processes are growing in importance and popularity throughout the industry.”
Dean Mirfin, Group Director of Key Retirement Solutions said: “This is the next logical step for new business submissions and significantly reduces the time it takes for our clients to make annuity applications, helping us to deliver an improved customer experience. I would like to see other providers follow suit to ensure brokers and their customers receive consistent service throughout the industry.”