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PolicyMaster set to inject new life into PMI with electronic quotes

Software provider PolicyMaster claims it is set to revolutionise the

private medical insurance IFA market with a new electronic quotes and

application system.

Its PMI system Mediquote currently offers intermediaries the facility to

search for tailored quotations but it plans to add an online electronic

data interchange capacity on the existing Mediqote service by December.

The service is currently re-launching in an online Windows format.

The company says its plan to add an online quotation and application

facility is in response to problems of lengthy waits to receive quotes and

application forms, which intermediaries say is a barrier to increasing

business.

Providers signed to the existing service include Norwich Union, Royal &

Sun Alliance, PPP Healthcare and Standard Life Healthcare.

Just 200 intermediaries are using Mediquote but Policy Master says it

expects the EDI facility to attract more intermediaries plus IFAs who are

not dealing in the pmi market in significant volumes.

Marketing director Simone Romain says: “Being able to transact at the

point of sale will mark a sea-change in the market. It will increase the

numbers dealing in pmi and increase the business volumes for

intermediaries.”

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