Leading financial advisors Inter-Alliance Group and high-net-worth insurers Hiscox have launched an online insurance centre, offering paperless policies and automatic renewal.

They hope the centre will bring them a chunk of the £3bn that it is estimated the 5.5 million customers will pay via the internet for insurance policies over the next five years.

The Inter-Alliance Insurance Centre will offer broader cover than conventional household policies, aimed particularly at people with expensive possessions.

The policies will be continuous, with clients contacted annually for confirmation, all details online, interest-free direct debit payments, a 24-hour claims helpline, free security advice from the former head of London City CID and no need to list high value items individually.

Inter-Alliance group chief executive Stuart McGreevy said the addition of high-value insurance was a natural fit with the company's existing online services.

Hiscox Online director Kevin Kerridge said the service was geared toward “busy, successful professionals and people who like the convenience of the internet but also want the quality brands and specialist cover to suit them”.

Inter-Alliance has also recently announced its acquisition of Thailand-based financial services group Sterling Associates Limited.

Inter-Alliance bought both Sterling and its Singaporean database company Sterling Data, with cash and shares payable within three years capped at £3m.

The website can be accessed at www.inter-alliance.com.