Avelo introduces electronic common quote form

Published on

businessman on laptop computer

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.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Newcastle for Intermediaries adds three-year fix range to mortgage offering

Newcastle for Intermediaries has introduced a new range of three-year fixed rate products. It said...

Mortgage product availability surpasses 25,000 for the first time

The number of mortgage products available in the UK has reached an all-time high,...

ASG Finance launches loan for HNW investors

ASG Finance has introduced its latest funding initiative: the ‘Base Rate Beater’ secured investment...

Other news

Why it matters that bridging hit more than £10bn last year

We see many numbers bandied around in the financial industry, which can sometimes have...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Newcastle for Intermediaries adds three-year fix range to mortgage offering

Newcastle for Intermediaries has introduced a new range of three-year fixed rate products. It said...