L&G has launched a digital application process for annuities, significantly streamlining the process and saving intermediaries up to 14 days on each application.
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.
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.
L&G Apply 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 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.
The launch, which will be piloted with select firms, is expected to be more broadly available in the second half of 2025.
Cecilia Furner, distribution director for retail retirement at L&G, said: “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.”
