LV= has gone live with a new pensions annuity process from IRESS, and will be followed by fellow insurer Aviva next month.

The latest annuity submission service is part of The Exchange platform from IRESS. The provider said that the enhancement would create the first electronic, whole of market, new business submission process in the annuity space.

The technology is designed to reduce the costs of professional advice, speed up the annuity application process, reduce date entry requirements and drive efficiency for advisers.

The service will also improve the process for consumers – enabling quicker pension payments by removing the need for paper flows between the pension provider, the distributor and the annuity provider.

Philip Brown, head of retirement propositions at LV=, said: “Moving to automatic electronic quote submissions is an important step in LV=’s drive towards even greater efficiency. We are removing paper forms to speed up the application process and make it easier for advisers and their clients to do business with us. Our ability to transfer funds more quickly will benefit both advisers and their clients, as pension payments will be received much faster.”

Dave Miller, head of portal, IRESS, added: “As we enter a new world for the at retirement market, it is more important than ever that advisers and providers can operate as efficiently as possible. The annuity product is, and will continue to be, a pillar of retirement planning, so it is crucial that the process of securing a product is as quick, simple and cheap as possible. Technology is pivotal to this. We believe this major enhancement to The Exchange annuity service will provide tangible benefits to providers and advisers as they adapt to the changing landscape.”

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