CHELTENHAM, England--(BUSINESS WIRE)--
iPipeline® - a leading provider of electronic quote and application services to the life and pensions market - today announces that its Assureweb Portal and Term Plug In solution have been selected by Clubfinance – a discount broker and low-cost investment platform provider - to power a new self-select, direct-to-consumer website for simplified insurance products.
iPipeline’s website plug-in enables self-select protection quotations to be put on an adviser’s website for consumers, allowing potential clients to conduct research before an adviser engages with them direct and enabling adviser businesses to enhance their service to existing clients or for generating leads and enquiries from new. With selectable protection products and simple user configurations, this new direct-to-consumer service is implemented quickly and set up to meet an adviser’s processes and compliance needs.
Clubfinance has utilised this combined technology to create a low-cost direct-to-consumer self-select solution for simplified insurance products. The new site - www.selfselectinsurance.com - is available now and initially offers life insurance cover from one provider with five others to be added by the end of the year. The website is able to provide market-leading quotes by undercutting other comparison services through enhanced commission sacrifice. Selfselectinsurance.com plans to add home, car and travel insurance next year.
For example, a non-smoker aged 35 applying for £100,000 life cover would pay £6.42 a month with Selfselectinsurance.com for insurance from LV= versus £7.36 if they bought the same coverage via LV=’s website. Customers buying the same LV= policy through MoneySuperMarket and Confused.com would pay £6.96 and £7.21 respectively*.
David Scrivens, co-founder and director of Clubfinance says, “Clubfinance prides itself on offering low-cost access to financial products. We will be able to do this by accepting a much lower payment from providers and using the difference to reduce the insurance premium relative to the large comparison sites”. He added, “We chose to partner with iPipeline because of their platform flexibility, coupled with the fact they have an innovative roadmap, which will help us to develop new, next-generation solutions to drive further revenue in the consumer space.”
Ian Teague, UK managing director, iPipeline added, “We are delighted to be working with Clubfinance and this partnership moves us further into the D2C arena. Our integrated technology solutions are highly configurable and will assist Clubfinance with lead generation through this new consumer facing solution. We have worked hard to evolve our products and develop new innovative solutions to advance the industry and meet the needs of the ever changing marketplace now and in the future. This new partnership is testament to that.”
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About iPipeline UK
iPipeline UK (previously Assureweb) is a leading provider of business intelligence, e-quote, e-application, policy delivery, and policy holder services to the UK life and pensions market. iPipeline offers the UK’s broadest range of integrated and licensed solutions used by leading providers, distributors, and their IFAs via their Websites or CRM systems. To learn how you can better use iPipeline’s industry-leading solutions to streamline and accelerate your business activities, visit us at www.ipipeline.com/uk.
*How Selfselectinsurance.com compares:
|Quotes for a healthy non-smoking male born on 01/10/1979|
|£100,000 life cover for 25 years||Cost of cheapest life insurance offered||
Cost of LV= policy offered by Selfselectinsurance.com
|Compare the Market||£6.75||£7.03|
Quotes as at 30 June 2014
Clubfinance Ltd is a discount broker providing an execution-only arranging service for UK residents for investments and insurance. Clubfinance Ltd was incorporated in 2002 and has been authorised and regulated by the Financial Services Authority since 2004. Since April 2013 Clubfinance Ltd has been regulated by the FSA’s replacement regulator, the Financial Conduct Authority (FCA).