Article date: 8 February 2010
Making it quicker and easier for advisers to quote enhanced annuities
Aviva is adding medical questions and introducing automatic underwriting to online annuity quotes. The new online quote merges standard and enhanced annuities and makes it quicker for advisers to get the best possible income for customers.
Adding medical conditions to online quotes is the latest improvement introduced by Aviva to annuity underwriting. In 2008, Aviva improved its annuities by introducing smoker, post code and relationship status to determine annuity income.
Aviva has added medical questions to pension maturity packs which are sent to customers about to retire. This enables Aviva to identify customers who would get an improved income in retirement because of medical conditions.
Clive Bolton, at retirement director at Aviva, said: “Offering annuities that meet the needs of customers and advisers is a priority for Aviva. We have carefully looked at our underwriting over the last 18 months and made significant improvements.
“We know customers are often confused by terms such as standard and enhanced annuities and we have really looked at how to make it easier for them. They shouldn’t have to ask for an enhanced annuity and the best possible rate; providers have a responsibility to give it automatically to them.”
For further information contact:
Telephone: 01904 684128
Mobile: 07800 695673
Notes to editors:
An annuity is a regular income which is guaranteed to be paid for the rest a customer’s life. In most cases, a pension fund is used to buy an annuity.
An enhanced annuity is designed for customers who don't have a clean bill of health. An enhanced annuity pays a higher income than a standard annuity, depending on a range of conditions covered.
Aviva, the international savings, investments and insurance group, is the world’s fifth largest insurance group, serving 50 million customers across Europe, North America and Asia Pacific.
In the UK, Aviva is a leading provider of life, pensions, investment, general insurance and health products to more than 20 million customers. Aviva also provides roadside assistance through RAC. Products are distributed through a number of channels including IFAs, brokers, corporate partners and direct to customers via the internet.
Aviva's UK Insurance business has a market share of around 15%, making it the largest general insurer in the UK. The business is focused on insurance for individuals and small businesses.
Aviva's life and pensions business in the UK has a total market share of 12% and a top three position in its key markets of savings, protection, and annuities.
Aviva’s news releases and a selection of images are available from the internet press centre at www.aviva.com/media.