Financial technology firm Quintessential has launched an online life insurance comparison tool to capitalise on rising demand in the area.
MyInsurance.co.uk offers up life insurance, critical illness and whole-life products, backed up with all the information a consumer might need to make an informed decision.
In addition, Quintessential plans to launch several more consumer-focused brands in 2014 including UKloans.co.uk and myfinance.co.uk, a new financial comparison website.
Statistics from the Association of British Insurers revealed that there were close to 29 million protection, term and whole-life policies in circulation during 2012, with an additional 2.8 million being purchased in 2013.
Capturing market growth
Quintessential’s new website aims to capture some of this market growth by using Myinsurance.co.uk to not only generate its own leads, but also offer affiliates a commission when using the Pingtree platform to power their own sites.
Consumers will have access to various insurers and brokers including Legal and General, Aviva, LV, Pruprotect, AEGON and Zurich on the site, powered by Quintessential’s own Pingtree technology that is said to generate 600,000 applications a month in the financial sector.
Corporate development director of Quintessential, Martin Chapman, predicts that purchasing life insurance online will soon be as commonplace buying any other product through the internet.
“In the same way we now routinely buy airline tickets and car insurance online, we see an increasing trend toward consumers buying life insurance online,” Chapman said.