Legal & General has launched Track My Apps, a service to support advisers moving clients from fixed-term annuities to lifetime annuities.
L&G said the tracking service, which is provided by fintech company Origo, is the first of its kind in the market.
The financial services giant also said the technology will help advisers to save time, with the online system enabling them to track the progress of client applications from when they are first loaded onto L&G’s system to the point where they are accepted.
Advisers will be able to see detailed progress of their clients’ pension transfers online, which will help them manage their clients’ expectations while reducing the need for phone calls to check on an application’s progress.
L&G distribution director of retirement income Jon Scannell said Track My Apps marks the first phase of digital investment that aims to improve the service it provides to advisers.
“At Legal & General, we’ve made a commitment to developing our retirement income proposition,” he said. “A key part of this renewed focus is improving our digital capability to help advisers engage with us in a more efficient and effective way.
“The launch of Track My Apps for advisers is just the initial phase of our digital investment and we’re focused on further improving the service we provide to financial advisers.”
Meanwhile Mark Ormston, who is IT and administration manager at annuity broker Retirement Line, added: “The system gives users a window into the L&G administration process and this level of transparency provides clients with an increased level of confidence in the L&G administration process.
“Having clear, accurate and up to date case information within a few clicks will result in a more efficient back office administration.“