The online service called Interactive Quote and Apply, is designed to speed up the application process and improve the pass rate to enable clients to get cover more quickly.

The electronic system allows quotes to be refined once an initial decision has been given, meaning advisers can add, amend or delete cover or lives before submitting the application.

Ian McKenna, director of the Financial Technology Research Centre said: “Advisers are always looking to work with organisations that can be fast and flexible – this should give the company a significant commercial advantage over some of their larger competitors in the future.”