Head of failed online insurer seeks investors
Technology company Quote & Buy is being "restructured" after its liquidation last month.
Quote & Buy managing director James Green said the company was "being wound up" and would become "something different."
He could not comment further, but it is understood the company will continue to function in the insurance industry.
"Quote & Buy's liquidation was merely a formality," said Green. "We are talking to a number of investors to restructure the company."
Green is also a director of Quote & Buy Insurance Agents, which he said was still trading as an intermediary.
Quote & Buy was formed three years ago as a comparative online insurer, using the application service protocol (ASP) model. It offered motor insurance from a panel of ten insurers including Norwich Union, Zurich Provident and Allianz Cornhill.
It had planned to launch further insurance products including home, travel, pet and personal accident insurance.
The company charged for its service on a transactional basis with brokers paying 20% to 50% of their commission, depending on the volume of business.
In February this year, Green announced that Quote & Buy would continue to service brokers who had bought into the site, but was not looking to attract new business. Following the decision to drop the stand-alone distribution website, Quote & Buy's business development director Doug Phelan was made redundant.
In June 2001, Insurance Times reported Quote & Buy was trying to secure more funding and employees were taking pay cuts rumoured to be up to 50% of their salaries. Green admitted that a number of people had taken temporary cuts in salary. "It is purely prudent business management," he said.