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Focus survey shows huge electronic growth

The number of electronic new business transactions processed in the life and pensions market has risen to over half a million, increasing 61 per cent since last year, according to research from Focus.
The Focus Quotient aims to be the industry benchmark for the growth of electronic trading and represents over 75 per cent of UK insurers.
The research also shows IFA channels, industry IFA portals and IFA extranets delivered the majority of electronic new business in 2004.
The Focus Quotient also highlights the growth in electronic pension products which are now the most popular, ahead of protection and bonds.
Focus Business Solutions director of market propositions Nigel Smith says: “Breaking through the 500,000 electronic transaction barrier is fantastic news for the industry. It demonstrates that although there has been a lot of uncertainty in the life and pensions market, electronic trading is still very much high on the agenda.”

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