Legal & General's Online Term Assurance has been added to 1st Software's back office system, Adviser Office 2. The move will enable Legal & General's 10,000-plus users to place clients on risk within minutes.
OLTA allows IFAs to submit applications directly into Legal & General's back office processing system and in many cases generate an instant underwriting decision.
The company says the addition of OLTA to 1st Software's Adviser Office system means IFAs can speed up the processing of cases further as client information already held on 1st Software will automatically be pre-populated into Legal & General's application.
Some 1,050 IFA firms and 10,000 users have access to the1st Software system. This additional feature of the system is provided free to IFAs. Some 70% of applications for Legal & General's term assurance from IFAs are now submitted using OLTA.
Graham Newitt, Legal & General's managing director Intermediary Solutions, says: “OLTA is already very popular among IFAs for its seamless and speedy input of applications to the company's back office system and automatic online underwriting.
“Adding it to 1st Software not only makes OLTA more efficient for a large number of IFAs, it also helps drive more costs out of the process for end users.”
Mick Harris, e-Business Relationship Manager at 1st Software says: “The company is committed to helping IFAs drive costs out of their business.
“By automatically linking to OLTA and its pre-population from the client database in Adviser Office it will help to save time and improve profit margins.”