New launch provides a cost effective way for smaller brokers to compare the market

Open GI has teamed up with web services company, Quote Exchange, to launch a new price comparison service for brokers using its e-commerce solutions.

Pricewatch is a B2B aggregator solution designed specifically for brokers wishing to develop their web presence and earn revenue from lost leads.

It provides a fast and cost effective way of enabling smaller brokers to compare the market, without having to allocate vast internet marketing budgets.

The partnership between the companies is aimed at further extending Open GI’s range of e-commerce solutions and making the aggregator experience as cost effective as possible for the broker.

With Pricewatch, brokers can offer their best rates to the customer but choose to give market comparisons if the risk falls outside their core market. For example, Pricewatch could be offered to young male drivers if there were no schemes in this area.

The service effectively allows brokers to act like an aggregator for certain types of risk, particularly niche or non-standard risks – ultimately increasing online sales.

There are now 25 members on the Pricewatch panel ranging from direct insurers to brand-name brokers and smaller intermediaries. Phillip Whitelock, broker relationship director at Quote Exchange, is hoping to double this figure via the partnership with Open GI.

He said: “Pricewatch takes its inspiration from Tescos Price Check and works by the brokers’ website sending risk data to Quote Exchange and Quote Exchange returning the aggregated deals, that is quotes and prices. The broker earns money through sales of their own products but also by converting lost leads. It’s effectively an alternative to an aggregator as the broker has control over the panel and the prices quoted."