Under current regulation, firms are required to provide a whole of market comparison, to let their customers know whether a better annuity rate is available elsewhere, by shopping around and switching provider. However, the onus is then on the customer to search the market for the best rate, which means calling up providers or going to their websites and re-entering data to get new quotes.
Customers who contact Legal & General directly for an annuity quote, will be automatically signposted to Annuity Ready, should a better rate be available from another provider.
To create a seamless customer journey, with the customer’s consent, Legal & General will automatically share their annuity quote information with Annuity Ready, including any medical disclosures that could qualify the customer for an enhanced annuity rate.
This will eliminate the need for them to re-enter any data or declarations when they access the service. Through Annuity Ready, the customer can access the full results of the whole of market comparison, and see which firm offers the leading rate. If they choose, the customer can then proceed to application with the other provider, or run further whole of market annuity quotes within the service.
Customers of other providers can also access Annuity Ready, though they will need to do so independently of their existing provider. After they enter their details just once on the Annuity Ready.com website, the service will produce multiple, real-time quotes, to find the best available rate for that customer’s circumstances.
Consumers using the Annuity Ready service, will have access to lifetime annuity quotations from Aviva, Canada Life, Hodge Lifetime, Just, Legal & General and Scottish Widows. theidol.com specialises in the comparison of a range of insurance products, and in 2018 provided quotations to over 6 million customers.
Annuity Ready is available through Legal & General, or directly, now.
Emma Byron, Managing Director, Legal & General Retirement Income: “At Legal & General, we understand that customers choosing an annuity want to know they’re getting the best rate available to them. Until now, that meant ringing up providers across the market and filling in form after form to find the right deal – no easy task. Annuity Ready marks a step-change for our customers looking to find the best possible annuity rate. Through this additional service, we are going beyond existing regulatory requirements to help them easily shop around and achieve better outcomes.
“Our customers can now compare lifetime annuity rates online in one convenient place, making it easier for them to find the best retirement income solution for their circumstances. From Legal & General to Annuity Ready, we’ve created a seamless journey for people looking to benefit from the guaranteed income that annuities provide.”
|
