Policy Master chief executive Steve Verrall this week hit out at rival provider Misys, accusing the software giant of competing with brokers via its new portal venture, theformula.com.

Theformula was launched last week (see page 14), with Misys claiming it will generate two million quotations per month, the bulk of which will be for general insurance.

But Verrall said Theformula, which will use much of the technology from Misys' controversial joint venture I2i Link, will become the UK's biggest general insurance intermediary.

He said: "I'm struggling to understand how Misys can be trying to persuade us it is creating a portal for the good of the industry while they are building another portal to compete with brokers at the same time. Why would Misys want brokers to succeed if it wants to succeed?"

But Misys dismissed Verrall's comments. A spokesman said: "There will be two million quotes, but that will be across a whole range of life, pensions, investment and general insurance. I don't see anything here that is threatening brokers".

He said Theformula would compete with direct writers and new entrants such as Tesco and Marks & Spencer.