Quotes provider Webline has launched an annuities comparison service offering numbers from Norwich Union, Prudential, Friends Provident and Standard Life.
Although a full end-to-end system for ecommerce is still seen as “some way off” because of compliance and sales process issues , Webline managing director Paul Holland says the proposed method for providing data to intermediaries does answer some pressing needs.
The system allows intermediaries to pre-set options for any quote, which are then included in the automatic request from the participating providers, with results presented in table format.
Basic client data only needs to be entered once, Webline states, with the tabulated results indicating impacts on clients ability to buy policies from the selected options, and the cost implications.
We believe our system gives advisers the first really fast and effective alternative to paper-based annuity quotation research,” says Paul Holland.
Enabling comparisons this way should ease the sales process, also in terms of adequately comparing income drawdown against a traditional annuity purchase, Webline adds.
Once a like-for-like comparison has been made between providers accessible through the system, advisers can then go on to obtain company and client-specific illustrations after adding extra details such as pre and post-1998 benefit splits, Webline says.
The first phase of the annuities service launch will enable comparisons on a generic fund value basis, precluding protected rights splits and other factors. The service will be restricted to non-impaired life quotes.
The second phase will address the complexities of such splits, and include impaired life figures, Webline adds.
IFAs will be able to include quotes within their own websites.IFAonline
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