Personal finance related services is one of the fastest growing sectors on the Internet. In an effort to keep up with these changes, several insurance companies have combined forces to create an extensive database of insurance products and prices.
Insecom hopes to ensure that consumers receive a quicker and more comprehensive range of quotations from their broker through Polaris, an advanced database system. Insecom began delivering insurance products to brokers this month. Initially, the £600 million (#762 million) private motor insurance market which accounts for 40 per cent of general insurance will be targeted. Eventually the service will expand to include household insurance and small commercial risks.
Founded by Eagle Star, Hibernian Insurance, Allianz Church & General, Norwich Union and Royal & Sun Alliance. Together, these companies account for 64 per cent of the general insurance market. The Irish Brokers' Association and PIBA are also supporting the project and are represented on the Insecom board.
The final product is designed to provide customers with general insurance product information and to increase broker capabilities.
"It will make the whole process faster, standardised and will keeps down costs," said chairman Mr Patrick Manley.
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