Canada Life is the first provider to sign up to the new Origo annuity tracking service ‘Transfer Tracking’.
Transfer Tracking is an API link created by Origo to connect annuity providers with brokers and advisers, which at any point in the purchase journey will show live updates on individual cases.
The service will significantly reduce the burden on advisers in chasing and checking the progress of annuity applications, and equally will free up provider resource to help meet the ongoing demand for annuities.
Nick Flynn, retirement income director at Canada Life comments:
“This service will reduce demand into our telephone teams which frees up resource to help us provide a better service to brokers, advisers and their clients. At any point in the purchase journey an adviser will be able to see the progress on cases in real-time, which is a game changer in the annuity market. This launch further supports a market where demand is as strong as ever, due to the attractive rates on offer, coupled with the security and peace of mind annuities provide in times of uncertainty.”
Matt Noble, Head of Business Development, Origo Services Limited said:
“It’s great to have Canada Life onboard as an early signatory, especially given they are one of the larger annuity providers active in the market.
“The first three key brokers - Retirement Line, My Pension Expert and Age Partnership - are now on board and will soon start consuming Canada Life transfer status data, helping them to reduce status update phone calls between the provider and broker admin teams. We look forward to working with other companies to get them onboarded as soon as possible.”
Mark Ormston, Director of Propositions Retirement Line added:
“At Retirement Line customer service is paramount, a key objective is to keep improving the level of service we provide our customers. The ability to track individual annuity cases through live updates means customers can be kept informed much more easily and efficiently without having to lift up the phone to the annuity provider. This will be a massive time and cost saver for all parties involved. We’re delighted to see Canada Life champion this service from Origo and we hope to see the rest of the industry follow suit.”
ENDS
Enquiries:
Press enquiries should be directed to:
Elle McAtamney at Canada Life, elle.mcatamney@canadalife.co.uk
About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Through its subsidiary companies, Lifeco has operations in Canada, the United States, and Europe. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies. Great-West Lifeco has over 42 million global customer relationships worldwide and £1.52trillion assets under administration (as at 31 December 2023).
Canada Life Limited began operations in the United Kingdom in 1903 and looks after the retirement, investment and protection needs of individuals and companies alike. As well as providing stability and security through its individual contracts, Canada Life Limited has grown to become the leading provider of competitively priced group insurance solutions. Canada Life acquired Retirement Advantage on 3rd January 2018 for an undisclosed sum. The acquisition added over 30,000 retirement income and equity release customers and more than £2 billion of assets under management including a £1.5 billion block of in-force annuities to Canada Life.
Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance Limited and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.
- Canada Life MI & Swiss Re, 2024
About Origo Services Limited:
- Origo is the fintech company dedicated to connecting the financial services marketplace for the benefit of everyone – boosting efficiencies, improving performance, and reducing integration costs, while significantly improving financial outcomes for consumers.
- In May 2022, Vespa Capital partnered with the Origo leadership team in taking the fintech independent, with the governance structure and support to invest in developing existing offerings and deliver new solutions for the pensions and wider financial services markets.
- Capgemini and Origo have been appointed to supply the core digital architecture for the Pensions Dashboards Programme (PDP) and will be working with the PDP to help deliver the service for the benefit of UK pensions holders. For more information: https://origo.com/origo-services/pensions-dashboard