From paperwork to purpose: removing friction from annuity applications

Advisers are balancing growing demands across their industry - from meeting regulatory requirements and delivering good client outcomes, to hitting commercial targets, generating new business and retaining existing relationships. Time is increasingly stretched. 

Client needs are also becoming more complex and varied. Longer life expectancies, changing retirement patterns and more diverse family structures means each conversation is rarely straightforward.

While many parts of the advice journey have evolved to support this, the annuity application process has seen limited evolution. It often remains a more labour‑intensive area, reliant on paper-based processes, with back‑and‑forth communication and re‑keying of client information creating delay at a point where speed and certainty matter most. 

Digital journeys are beginning to address this, with L&G leading the way in the annuities space. Our solution, L&G Apply, enables online submissions with funds requested at submission, supporting a faster, more efficient process. 

Setting a new standard

As more of the advice journey becomes digital, expectations have shifted.Processes that once felt acceptable now stand out. 

For clients approaching retirement looking for a guaranteed income, delays aren’t just an inconvenience, they can have a real impact. In a market where annuity rates can change quickly, even small delays in the application journey can impact the income a client secures. A faster, more streamlined process gives advisers greater confidence in their recommendation, while providing clients with reassurance that the income they’ve been quoted is the income they’re likely to secure. 

Moving the industry forward

L&G was the first provider to introduce a digital annuity application journey, removing the need for paper forms and enabling applications to be submitted end-to-end via L&G Apply. Client details are pulled straight through from the quote, eliminating duplicate data entry, and funds are requested as soon as the application is submitted. 

The impact is tangible. Advisers using L&G Apply can save up to 14 days on the application journey, with some cases completing from submission to authorisation in as little as 11 days. That’s less time spent on admin and more time spent on client interactions and writing new business.  

Crucially, it also gives advisers greater control. With less manual intervention and fewer handoffs, the process becomes more predictable, helping to protect the rate agreed at the point of advice and giving clients greater certainty over their retirement income. 
  
As retirement needs become more complex, the value of advice increasingly lies in the personal client conversations, not the admin behind them.

There’s still more the industry can do to evolve. But the direction is clear. Systems that reduce effort, improve certainty and work seamlessly in the background aren’t just operational improvements – they’re a fundamental part of strengthening the advice experience.