Advisers can source whole of market enhanced annuity quotes for clients with the development of The Annuity Health Form from Annuity Exchange.
According to Stuart Bayliss, director of Annuity Exchange the new service allows the adviser to work more closely with clients to get detailed information about their health concerns.
"When you have a meeting with the client you need to know their health details but it is often the case that the client won't have everything to hand and so the forms are often inaccurate and involves extra calls and meetings to get all the information," he says. "In the run up to RDR every contact between an adviser and their client needs to be high quality - it shouldn't be about form filling."
The Annuity Health Form enables the client to securely log on to the site to update their health details. Documents can be scanned into the system with all information being held in the same place. Once the relevant information has been collected the adviser can send the completed form to the annuity providers to get a quote.
The development of the tool enables the adviser to offer a whole of market solution to their client with eight impaired annuity providers providing quotes on the service. This, according to Bayliss, is a marked step away from other services which seek to simplify the process but often end up only offering quotes from selected providers or do not submit the depth of information needed to get a detailed quote.
Use of The Annuity Health Form also aims to help those retiring with small annuity pots to get the best annuity quote possible. According to Bayliss clients with pension pots of £10,000 will be able to obtain a quote from the service.
"In my experience the difference between the first and second quote can be as much as 12% and while the enhancement may only be small in monetary terms they can still make a big difference to people," says Bayliss.
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