Financial technology provider The Exchange has launched an electronic trading portal for non-regulated products including mortgages, protection and general insurance.
The move is aimed to cater for clients that are increasingly attracting brokers dealing in the insurance and mortgage markets who want a single system that can work across all products, according to Stuart Mcphee, strategic director at The Exchange.
Exweb Broker will be a distilled version of the full Exweb service, which provides for the regulated personal finance markets. Currently there are 13 providers signed up to provide mortgage protection and general insurance, with a link through to the Mortgage Brain and The Trading Exchange to facilitate mortgage business.
For existing Exweb users, Exweb Broker will cost £7.50 per license per month. For those without Exweb, it is £14 a month for the insurance quotes, and £24 a month for the full mortgage package.
As long as providers can take business electronically, Exweb Broker will allow brokers to do so, and will pre-populate client information across the different product categories available.
On top of the products available, Exweb Broker will offer research, conveyancing, and credit checking as well as a directory of companies.
David Child, chief operating officer of The Exchange, said: “Our aim is to capture a large share of the non-regulated market and provide a long-term, market-leading solution for brokers and intermediaries. Exweb Broker will enable them to quickly and easily research quotes and buy non-regulated products and our coverage of products will be the most comprehensive available.”
Chris Fleetwood, managing director of Paradigm, said The Exchange’s profile in the mortgage broking market was lower than it could be. He said: “If they have had success providing solutions to IFAs then it makes sense to bolt on non-regulated business.” However, Fleetwood said competition would be fierce and added: “All the major sourcing systems offer general insurance and non regulated add ons in their propositions.”