The UK annuity market is evolving - and so must the way we process applications. Right now, too many advisers face a frustrating, time-consuming step: re-entering client data after generating a guaranteed quote. This duplication slows everything down, risks errors, and delivers a poor experience for advisers and clients alike.
We’re taking action
A new Post-Quote Annuity Application Data Standard is in development to fix this. Advisers will be able to:
- Use their online portal/adviser software to add only the missing information.
- Avoid rekeying details already provided in the original quote.
- Submit an application that flows seamlessly to the provider.
It will apply to:
- Pension annuities
- Purchased life annuities
- Fixed-term annuities
Why it matters
This is not just about efficiency - it’s about creating a better, more reliable digital retirement journey for clients. By cutting duplication and delays, we can free up advisers to focus on advice, not admin.
How to get involved
Advisers, providers, platforms, and technology partners are encouraged to get involved by joining the working group developing the new Post-Quote Annuity Application Data Standard. By participating, you’ll have the opportunity to help shape a solution that works for the entire industry, ensuring it meets real-world needs and supports smoother, more efficient annuity application processing. It’s also a chance to collaborate with peers, share insights, and stay ahead of developments that will impact the future of digital retirement journeys. If you’re interested in joining the working group, please email [email protected].
