Canada Life is the first provider to sign up for the new Origo annuity tracking service ‘Transfer Tracking’.
Origo’s Transfer Tracking API connects annuity suppliers with brokers and advisers, providing real-time information on individual cases throughout the purchasing process. The service will reduce the need for advisers to chase application statuses, freeing up provider resources to satisfy the increasing demand for annuities.
Canada Life retirement income director Nick Flynn says: “This service will reduce demand for our telephone teams which frees up resources to help us provide a better service to brokers, advisers and their clients.
“At any point in the purchase journey, an adviser will be able to see the progress on cases in real-time, which is a game changer in the annuity market. This launch further supports a market where demand is as strong as ever, due to the attractive rates on offer, coupled with the security and peace of mind annuities provide in times of uncertainty.”
Origo Services Limited head of Business Development Matt Noble says: “It’s great to have Canada Life onboard as an early signatory, especially given they are one of the larger annuity providers active in the market.
“The first three key brokers – Retirement Line, My Pension Expert and Age Partnership – are now on board and will soon start consuming Canada Life transfer status data, helping them to reduce status update phone calls between the provider and broker admin teams. We look forward to working with other companies to get them onboarded as soon as possible.”
Retirement Line director of propositions Mark Ormston says: “At Retirement Line customer service is paramount, a key objective is to keep improving the level of service we provide our customers.
“The ability to track individual annuity cases through live updates means customers can be kept informed much more easily and efficiently without having to lift up the phone to the annuity provider. This will be a massive time and cost saver for all parties involved. We’re delighted to see Canada Life champion this service from Origo and we hope to see the rest of the industry follow suit.”