Iprism aims to write over £100m of business a year with new SME quote system.

Iprism is looking to write over £100m of business a year with its new SME comparative quote system.

The company said the product would compare rates from more than 10 insurers, including Norwich Union, Royal & SunAlliance and AIG.

Iprism claims to produce a quote for standard commercial risks in less than two minutes.

A retail product is currently live with five more products covering the standard SME risks to be rolled out over the coming weeks.

It is planning to sign up over 500 brokers in the next six months.

Iprism chief executive Gary Burke said: “Brokers need to obtain quotes for their clients fast and issue documentation instantaneously if they’re going to maintain profitability and increase their customer base.

He added: “Iprism will enable them to do just that with zero investment.

“We don’t charge administration or transaction fees and we’ll pay brokers similar levels of commission to the ones they receive from their current markets.”