"This market deserves our attention, especially when you consider the growth we’ve seen in the last two years."
- Paul Yates, Product Strategy Director at iPipeline
iPipeline’s E-Apply allows advisers to complete the entire annuity process online via its Assureweb® portal.
Incorporating insights gained from developing the SolutionBuilder® platform, as well as adviser feedback, iPipeline has designed E-Apply to accelerate the application process and enhance the overall efficiency of the advice journey.
This new digital option for annuities will launch with Standard Life, part of Phoenix Group, which re-entered the annuity market in 2023. Scottish Widows, amongst other providers, plan to adopt this solution in the near future.
Paul Yates, Product Strategy Director at iPipeline, believes “there are still too many legacy, manual processes for advisers of all types, and the annuity application journey is just one of them. This market deserves our attention, especially when you consider the growth we’ve seen in the last two years.”
He said: “By offering advisers a straightforward digital application option, we’re bridging two previously disconnected processes. This not only saves advisers valuable time, but also enables them to deliver a faster, more seamless service to their customers.”
“We’re excited to collaborate with iPipeline to provide a new digital journey that aligns with the way advisers work. This marks the latest step in our ongoing commitment to improving how customers access the solutions they need,” added Jon Scannell, Head of Annuity Distribution (Retirement Income) at Standard Life.
Simon Mitchell, Head of Annuities at Scottish Widows, noted that “As market demand for our annuity product increases, we looked at ways to improve the application experience and get money into our customers’ hands more quickly.
“Our annuities transformation initiative will use new technologies to digitise, streamline, and enhance our annuities offering. Partnering with iPipeline aligns with our goal to make the application process as simple as possible, allowing Independent Financial Advisers (IFAs) to click from a quote straight to a prepopulated digital application form and submit digitally.”
iPipeline’s launch of E-Apply follows Iress’ recent collaboration with Standard Life to launch online annuity applications through The Exchange. At the time, Iress said it hopes other providers will take Standard Life’s lead in the annuity space and work with them to bring an easier annuity application process to advisers.
“For advisers, it means minimising the potential for keying errors and a far faster process. For customers, it means a much quicker and slicker customer journey. It’s a win-win,” said Jacqueline Durbin, Global Head of Product (Life, Pensions & Mortgages) at Iress.
