L&G has launched a digital application process for annuities, streamlining the process for intermediaries and savings up to 14 days on application times.
The launch, which will be piloted with select firms, is expected to be more broadly available in the second half of 2025.
The launch comes as L&G announced a 48 per cent 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 intermediaries away from the time-consuming paper-based application process which required significant amounts of back and forth between client and intermediary.
This digital process does not require a wet signature, 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.
