Positive Solutions believes the new system will help Partners quickly find the most appropriate annuity shape for their clients and allow them to write annuity business more profitably. The firm expects this will help more Partners to develop this side of their business, giving more consumers access to valuable annuity advice.
The new Whole of Market service uses a bespoke online quote engine and report generator to compare annuities, including enhanced annuities, and produce a client-facing report. The service is fully integrated with Positive Solutions' processes to streamline the annuity business writing process.
The new proposition will:
- Allow IFA Partners to quote 60 different annuity shapes
- Reduce the time taken to write annuity business, making it more profitable for Partners to do so
- Allow clients to review different income shapes online
- Provide a Compliance approved client report
- Use a short and simple form to identify clients who might benefit from an enhanced annuity with a full enhanced annuity questionnaire where this is required
- Automatically send client details to all enhanced annuity providers and collate the results, making it easier for Partners to obtain enhanced annuity quotes
Peter Coleman, Chief Executive Positive Solutions says:
"Buying an annuity is one of the most important decisions someone will make. Seeking advice can make a big difference to their income in retirement but many people are put off by the perceived complexity and expense.
"Using the expertise of TOMAS, our new annuity system will speed up the annuitisation process, making it affordable for clients and helping our IFA Partners write business more profitably. We expect this to encourage more Partners to focus on developing this side of their business and help more clients get the valuable advice they need."
Graeme Riddoch, Sales and Marketing Director, TOMAS says:
"We are delighted to be working with Positive Solutions to help them improve the way that they transact their annuity business.
"It's a fact that writing annuity business with a view to getting the best deal for the customer and maintaining profitability can be difficult, especially for small funds. In particular underwriting customers for enhanced annuities and gathering accurate guaranteed quotes from all providers can be expensive and time consuming.
"We are really pleased that Positive Solutions has recognised this and is investing to keep Partners ahead of the game and to ensure the customer is the ultimate winner."
