Financial services technology solutions provider Avelo has unveiled an electronic version of the common quotation form.

The firm claims it could reduce the amount of time advisers spend administering and processing enhanced annuity business by 30%.

Avelo has worked with providers Aviva, Legal & General, Just Retirement and Partnership to develop the electronic common quote form which also features the latest question set agreed by all the major providers.

Paul Yates, Strategy and Product Development Director at Avelo, said: “The paper common quotation request form was a massive achievement in the industry but Avelo is in the unique position to take it to the next level. The electronic common quote form represents a radical overhaul of enhanced annuity business by significantly streamlining the process and resulting in valuable time and cost savings for intermediaries.

“This next generation annuities service benefits consumers, intermediaries and providers. Transforming business processes is in everyone’s interest as we approach RDR and improving efficiency and delivering value to clients will be the key to success.”

Sally Underdown from Lovewell Blake, a financial planning firm that was involved in the pilot phase, added: “The new service enhances our annuities proposition to clients and speeds the whole process up. We are moving to more services over the internet and will be offering this to all our clients as a way of increasing efficiency for the RDR.”