Moneyextra, the online financial intermediary specialist, is planning a major assault on the personal lines insurance market.
The company, formerly known as the eXchange, has launched a new site - www.moneyextra-insurance.com - that enables insurers to change both products and rates in real time to match consumer demand.
It will initially provide quotes on travel, home and motor cover, but will be developed into a one-stop personal insurance centre, with a wide range of product lines and associated services.
Travel cover will be underwritten by a panel of five insurers: Fortis, Cornhill, Folgate, Link and Primary.
Moneyextra has a huge UK database built on the back of its two leading financial web sites: www.moneyeXtra.com and MoneyWorld.co.uk.
The two sites achieved 25.5 million page impressions during March.
But other financial intermediaries acting as introducers will have access to the service through "exchange insurance" – a similar operation that will be launched in the business-to-business market in the near future.
"Low unit costs make the internet the perfect distribution channel for general insurance products," said Rob Upton, head of marketing.
"Moneyextra insurance will leverage our existing moneyextra customer base and is another major step towards establishing us as the leading
electronic distribution channel for
personal financial services."
The service is available 24 hours a day and a comparative quote system will give people the details they need to choose a policy.
Documentation is also available online.
Parts of the service will be available through mobile phones with WAP technology, starting with worldwide access to emergency numbers and policy information.
Folgate national development manager, Steve Jenkins, said: "We are very excited by our partnership with moneyextra insurance and the benefits this technology and distribution channel has to offer.
"The ability to offer our products to a new audience and amend our rating swiftly online based on substantive management information is unique."
