In “Pru annuities go online” by Peter Carvill of FT Adviser, Carvill details Prudential’s new online application process for annuities. Advisers previously had to fill out paper applications but can now fill them out online for their clients. Prudential’s PR Manager highlights the advantage of avoiding post office and other delays with paper applications. Whether the client needs a 401k annuity transfer or another type, the annuity transfer times are sped up by this new process.
This new system accepts applications for Income Choice, With-Profits Pension and the Guaranteed Pension products. Advisers are able to verify the clients themselves so that identification processes are no longer needed. This allows for any errors to be automatically fixed. The postcode-checking software will greatly reduce any chance of error as well. Doing work online makes the process easier and faster for both the clients and the advisers.