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1st – The Exchange records 19 per cent rise in new business applications

1st – The Exchange has recorded a 19 per cent increase in new business applications submitted via its Exweb portal service between October 2007 to October this year.

The ecommerce provider has seen new business volumes in the 12-month period up to October 2008 increase from 244,984 to 292,156.

Since its launch in 2005, Exweb has processed 850,000 new business applications and 1.27 billion quotations on behalf of intermediaries. In October alone the portal completed 30,300 online new business applications, up 27 per cent on last year, which recorded 27,250.

1st – The Exchange managing director David Child says: “We are delighted to announce another significant increase in our 2008 business figures. Whilst the world economic position continues to prove challenging, there is clearly a sustained need for sound financial advice and the products which support this.”

Research by the portal also found that adviser confidence in its technology has risen by 26 per cent, with 14 per cent of 300 advisers grading themselves at A level, and 43 per cent at B grade.

Also this week, 1st – The Exchange announced its integration with O&M Systems’ specialist pension software products.

Exweb users can now gather pension quotes, compare the performance for over 10,000 funds and submit new business.

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