Quote and Buy, a new virtual insurance broking site, is set to be launched on the internet by the end of this year.

Once the site's general insurance products are established, it is expected that a number of non-insurance products will follow creating a consumer shopping site.

Quote and Buy has been developing the necessary technology over the last year and believes it is close to a breakthrough.

However, it has been keeping details under wraps until the technology and products are ready, and supporting insurers are on board.

One industry source who has seen the site, said: “The key difference between this site and other sites such as Screentrade is that this will be much bigger. Basically, there will be as many quotes as the consumer can deal with.”

The site will be fully transactional – meaning that users will be able to log on and complete their purchases on-line.