Financial services software provider Iress has launched the first stage of an integration with the more2life application programming interface (API), which will streamline the product application process.
Live rates can now be retrieved directly from more2life for every quote that is sourced.
Using these live rates, key financial indicators (KFIs) can also be produced for the adviser to discuss with their clients.
Bespoke questions have been introduced to allow more detailed quotes, including specific questions relating to health as well as more information on the property and extra details such as advice fee.
This is the first stage of the project; by the end of July, there will be an option for the KFI to appear on the more2life portal without the need for rekeying.
This partnership between more2life and Iress has been developed using the new DPR Distribution Hub.
Dave Harris, CEO at more2life, said: “Advisers said they want to use technology more and more2life has listened.
“From today, advisers can retrieve live more2life rates from the Iress portal and produce KFI’s to share with their clients.
“However, this is only the first step and by the end of July, we anticipate that, should they wish to proceed, the KFI which appears on the more2life portal will be prepopulated with the data entered on Iress.
“As a leader in the later life lending market, more2life is committed to using innovative technology to support advisers, their clients and ultimately their businesses.
“This sector of the market is becoming increasingly important as people are living and working for far longer.
“We are delighted to be working with Iress and DPR to help advisers work more effectively.”
Dave Miller, executive general manager – commercial at Iress, said: “With the later life lending market growing significantly, it makes sense that more and more lenders are looking at how they can implement advances in technology that support their businesses.
“With this streamlined process advisers will be able to seamlessly connect to more2life’s rates and produce KFIs without leaving the Iress platform – saving time and reducing errors.
“We are delighted to be working with more2life and DPR to make this innovation a reality and hope it becomes common across the market.”
Dave Patel, CEO of DPR, added: “Having worked in partnership with the team at more2life over the last five years, it’s rewarding to see how the DPR Distribution Hub is helping to drive innovation and remove friction from the mortgage process.
“The hub is a brand new, standalone cloud-native technology that connects distribution systems and lender mortgage platforms.
“API technology and adoption is a hot topic amongst lenders and advisers can expect more innovative lenders like more2life, to adopt APIs that make it easier and slicker to submit cases.
“We look forward to continuing to work with Iress to support more2life in their transformation plans in the coming months.”