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Legal & General launches client applications tracker

20 February 2019

Legal & General has launched Track My Apps, a new system that allows adviser firms to monitor the progress of client applications for the assurer’s retirement income range of products from fixed term annuities to lifetime annuities.

The tracking service, the first of its kind in the market, comes from industry FinTech company Origo via its Integration Hub, which provides real-time data directly to Legal & General’s adviser portal.

The online system enables advisers to track the progress of client applications from when they are first loaded into Legal & General’s system to the point when they are accepted.

The system will show detailed progress of clients’ pension transfers online, allowing clients’ to be kept up-to-date and their expectations managed.

Legal and General said the service would deliver time saving efficiencies for adviser firms, in part by reducing the need for phone calls to check on an application’s progress.

The Integration Hub enables platforms and adviser back-office software to integrate with one another through one connection, to the Hub, rather than creating bespoke integrations with each individual platform or software product.

“At Legal & General, we’ve made a commitment to developing our Retirement Income proposition. 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.

Jon Scannell, distribution director, Retirement Income at Legal & General said the launch of Track My Apps was part of the company’s commitment to developing its Retirement Income proposition, a key element of which is improving the digital capability to help adviser firms “engage with us in a more efficient and effective way.

As such, he added, Track My Apps was “just the initial phase of our digital investment and we’re focused on further improving the service we provide… Access to the new Transfer Tracking service from Origo will begin that process, by giving our adviser partners real-time updates on the progress of their clients’ transfers.”

Anthony Rafferty, managing director, Origo, said: “Transfer Tracking frees up resources and expenditure which can be better directed elsewhere in the business.

“Available through our Integration Hub, the service has an easy set-up and integration process and tracks the progress of pensions, GIAs and ISAs transferring through our Options Transfers service. Legal and General have demonstrated their commitment to improved service for their adviser partners by being the first to market with our new technology.”

Market views

The new service was welcomed by market participants. Jon Terry, finance director, My Pension Expert, said “Track My Apps could be a game-changer for financial services. It’s fantastic to see an industry leader like Legal and General embracing innovative technology and using it to make life easier for intermediaries. It will certainly make our processes, as well as our clients’ experiences, much smoother.”

Mark Ormston, IT & Administration manager, Retirement Line said the service was “an important innovation to the pensions industry. 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.”

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