The annuity market has changed significantly in recent years. Issues have been raised about the role of advice in the purchase of annuities including obtaining 'open market' options for annuitants. The ability to charge for advice around the purchase of an annuity income has also come to the fore.
Building on the existing 'detailed' service that was built in 2007, Webline have developed a service which has brought the Common Quotation Request Form (CQRF) online and used the most up to date Origo messaging (v 3.7). One aspect of these improvements is the facilitation of Adviser charging on the service and inclusion of the full medical questions set.
Unlike our competitors, this remains a free service to anyone with a Webline (or Synaptic) licence and there are a number of important differentiators setting us apart from the competition:
Unique lookup fields will save the adviser time and effort.
Users only need to enter data for relevant 'conditions' using dynamic filtering, again saving a lot of time.
Full medication lists are provided by a third party and regularly kept up to date.
As with all of the products developed by Synaptic Software, Webline is supported across multiple browsers and operating systems, including tablets.
The CQRF is widely used but presents the adviser with an amount of paperwork requiring time to complete. In a post RDR world where an adviser has to charge for his time advice, the proposition we have developed will help.
Choosing the right annuity and making sure a retiree understands all of the options available to them is imperative. As we have seen and learnt in the past, people are reluctant to give full medical details and 'admit' to certain conditions, under the impression that this will make things more expensive for them. Of course, this has the opposite affect for annuity providers. Research has shown that a person's annuity income rate offer can increase, by as much as 30% in some cases, when declaring all of the necessary information.
As Paul Evans discusses in his article, advisers must get 'engaged at retirement' as annuities are an area where more people are likely to require professional assistance. Jonathan Covill from industry experts LV= further underlines the importance of checking all of the necessary options in retirement.
The users input can be saved at any time and retrieved at a later date. This is ideal for an IFA when entering specific medical conditions and medication that may need to be checked with the client (if not completing in their presence)
The functionality exists to support multiple adviser charging options and the basis of sale, giving the adviser total flexibility. Automatic filters ensure adherence to RDR rules:
- an advised sale cannot receive commission
- an execution only case will allow commission or adviser charging to be applied.
The intuitive results screen remains for annuity results, allowing the user to toggle different options very easily and receive different quotes without needing to re submit the entire form.
Users are also shown a summary screen of the details entered.