Dermot Desmond, the owner of City Airport, has turned his hand to a new insurance internet venture QuoteMe4 (QM4) which made its market entrance this week.

Dublin-based QM4 currently offers insurance from around 1,500 brokers, intermediaries and insurers, and has a first-year marketing budget of £3.5m, with £10.5m earmarked for next year.

QM4's business development director, Declan Clancy said: "We are currently trying to establish a platform of suppliers and customers."

The system, which can also quote for other products including cars, holidays and computers, is free for insurance suppliers to join. Charges for the service will only occur when the insurance provider makes a quotation. Clancy claims these charges will be "nominal".

Essentially, QM4 has two component parts. One allows customers to fill out quote application forms, the other is a back-end where insurance providers can view potential customers.

The provider gets to see the number of quotes that have already been offered on a piece of business and has 48 hours to give a quote of its own.