- The digital annuities application saves intermediaries 14 days on each application
- Wet signature requirement no longer necessary
- Digital service frees up time and resources for intermediaries to engage more meaningfully with their clients
L&G has today announced the launch of a digital application process for annuities, significantly streamlining the process and saving intermediaries up to 14 days on each intermediated/advised application. The launch, which will be piloted with select firms, is expected to be more broadly available in the second half of 2025 and is designed to optimise the process so that intermediaries can add greater value for their clients.
The launch comes as L&G announced a 48% surge in retail annuity sales totalling a record £2.1bn for 2024 and reflecting the sustained interest in this guaranteed-income solution.
L&G Apply pivots annuity intermediaries away from the time-consuming paper-based application process which required significant amounts of back and forth between client and intermediary. While still accepted for those who need to do so, the wet signature requirement is no longer necessary, reducing the environmental impact driven by paper-based applications and the associated posting, scanning and storage costs.
This digital approach also offers a more guided journey for intermediaries, reducing the possibility of mistakes as applications are clearly signposted and help is available at key points. L&G Apply also uses an intuitive dashboard where intermediaries can select the quote and pre-populate with information automatically pulled through and validated to decrease the possibility of errors.
The service ensures consistent communication with intermediaries, automatically sending them a welcome pack and providing updates as the application progresses right up to receipt of funds. By optimising the application process, L&G Apply also ensures a more positive customer experience and frees up time and resources for intermediaries to engage more meaningfully with their clients.
Cecilia Furner, Distribution Director – Retail Retirement, L&G: “L&G Apply is set to revolutionise the intermediary annuity experience with a faster, more efficient, and digitally integrated solution for annuity applications. This innovative system demonstrates L&G’s commitment to enhancing customer and intermediary experiences through cutting-edge technology and digital transformation, reflecting how financial planners work in today’s digital age.
“The time saved using L&G Apply enables intermediaries to do their job to the best of their ability and add the most value for their clients. We’re therefore delighted that we’re able to offer this solution and significantly reimagine the way the industry approaches annuity applications.”
L&G Apply is available initially to a select number of firms and will be rolled out to all in the coming months.
Advisers can register their interest, here
