Aegon has announced some improvements to its online annuities processes and paper outputs.
Advisers will now be able to obtain instant online quotes from the exchange or direct from the Aegon website. At the same time, the annuities provider has expanded its quotes system to let advisers quote for more options, including defined benefits.
Aegon has redesigned its annuities quotes to make them shorter and easier to understand. After discussions with advisers, Aegon has also taken this opportunity to include a unique ‘alternative options sheet.’ The new form, printed out with the quote through the Aegon website, will provide details of the quote you have asked for and details of some regularly requested options and the resultant affect on the annuity payment. This will allow an adviser to instantly work out what the new payments would be if any options were changed without the need for re-quotes. The redesign of the paper outputs has resulted in a reduction in volume of up to 60%, from 15 pages to six pages.
Mike Douglas, managing director of individual annuities at Aegon Scottish Equitable, said: Since we came into the external annuities market in 2005, we’ve been exploring ways we can make the process of applying easier and clearer for advisers and their clients. We believe the new improvements we’ve announced today will greatly assist the advice process and will save time and money. We are still reviewing the whole application process and will be announcing further improvements around the application process shortly.