Pensions and investment planning software firm Selectapension has unveiled 'Quote & Apply' - a new tool for advisers to speed up the application process - and has signed up Aegon as the first provider.

Selectapension says the new processing integration tool will enable platform users to create a product quotation and application without the need to re-key data entered on Selectapension

The new functionality, called Quote & Apply, forms the ‘missing link’ between product research software and the end provider, the firm says.

Quote & Apply links the product research software and the end provider by allowing users to click straight through to the Aegon Platform SIPP system.

Selectapension is utilising Origo’s Integration Hub to provide the link.

Users will be able to get ‘live illustrations’ by clicking through to the provider directly from the results screen of Selectapension. The Aegon SIPP illustration and any subsequent online application form will pre-populated.

The new service is free for Selectapension subscribers and will feature across the firm’s product comparison tools with more providers expected to be added.

Andy McCabe, managing director at Selectapension: “The need for separate systems and platforms is a thing of the past and any time saving makes the financial review and advice process so much more cost effective.”

Ronnie Taylor, chief distribution officer at Aegon, said: “We are pleased to be the first provider to work with Selectapension to launch the new Quote & Apply tool. By streamlining the process, this new functionality will ultimately save advisers valuable time and effort, enabling them to click straight through from Selectapension on to the Aegon Platform to complete their selected journey."