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LV= launches first fully automated annuity application process

Press release: 23/07/2014

Retirement specialist LV= is the first provider to move to a fully electronic annuity application process with technology provider, TOMAS.

The new paperless system simplifies the application process for advisers and their clients. It also reduces 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.

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.”

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