Polaris, the insurer and broker-owned software house, will hold a meeting next week to update insurers on its e-market portal.

Polaris head of development projects Ann Reeves said the company was "moving things along quietly".

The project was rumoured to be launching this month, but Reeves said there had never been a date set. A leading technology expert said he had been told e-market would go live in March next year and pilot in January and February.

Another source suggested the project had already gone 50% over its budget, but Reeves said this was not the case. She would not comment on the budget, but it is understood it will cost between £8m and £10m.

E-market's aim is to allow brokers to exchange essential information via the internet with six major insurers: Allianz Cornhill, AXA, Groupama, Norwich Union, Royal & SunAlliance and Zurich Financial Services. IBM won the contract to be the service provider for e-market earlier this year.

Polaris had earlier headed up the i2i-link initiative, which was scrapped at the end of last year. Misys was at the helm of its development.