First Global Insurance Services, an internet-only IFA, has launched an online comparative quote and ...
First Global Insurance Services, an internet-only IFA, has launched an online comparative quote and transaction service for life assurance.
The site, www.ins-site.co.uk, allows consumers to choose a term life assurance product, get comparative quotes from product providers and apply online. Existing policy holders can check to see if their existing life policy is good value in today's market.
Key features documents are available on the site and users can access quotes from a panel of providers including CGU, Standard Life, Scottish Widows, Scottish Provident, Lutine, Norwich Union and Permanent. The group hopes other providers will join.
Users can select the type of insurance they want, including a choice between level term and decreasing term assurance, fill in some of their basic requirements and get five of the best quotes within two minutes. If users want to buy one of those products quoted, then they click on the proceed button and fill in further details on the form.
While the group states the purchase is electronically transacted, it does note that until the Government allows the use of digital signatures the application form must be printed and a hard copy signature posted to the group.
Robert Wyllie, head of IFA business development at Scottish Widows, said: "Online IFAs will become an important part of the market. The internet plays a big role in financial decision making and those IFAs that develop an early presence will be the likely winners."
Howard Goldring, chairman of First Global, said: "E-commerce provides such a convenient and quick method of obtaining life cover. We believe that within two years at least 15% of term assurance in today's terms more than £60m per year will be written over the internet.
"We are rapidly developing the service and will shortly be adding a full mortgage loan application process to the site." The service is free to users and will be expanded further to offer greater access to information on financial products.
Over the next few months the group plans to add information on personal pensions and eventually stakeholder and Isa products.
The pension contracts are likely to come from the same providers that are already a part of the service. However, the site will be expanded to include fund management companies for the Isa portion.
Ideally the group does not plan to feature products from any more than 15 providers.
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From 1 March