Misys is setting up a virtual financial services brokerage competing with its own networks according to a report by its broker Morgan Stanley Dean Witter obtained by Money Marketing.
The report describes the plans as the “killer category in the internet universe” and compares it to direct services in the US which compete with financial advisers such as Quicken and Insweb.
The report says that Misys, which owns Countrywide and Financial Options Group, is “covering its bases and running with another model on the flipside”. The service will initially cover life, pensions, mortgages and general insurance.
Industry rivals predict a massive conflict of interest between Misys and its own network IFA firms.
The report says: “Misys is establishing a consumer PFS portal that will be both an infomediary, providing editorial, data feeds and tools, and, more importantly, a virtual insurance broker, with full transaction capability initially with life and pensions and mortgages.
“This is by far the bigger opportunity for Misys. The vertical portal is the killer category in the internet universe.”
The report also says Misys is planning to launch its IFA portal in the third quarter of 2000 not April as the company contends.
Rival operator AssureSoft sales and marketing director Mark Lofthouse says: “That is astounding. They are conflicting with their own networks. It will be very interesting to see how this turns out.”
* AssureSoft has announced it has gone live to IFAs with quotes from six insurers delivering quotes to Origo standards on annuities, bonds, mortgages, pensions and protection and flexible retirement products with a further four by the end of the year.”