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The Exchange completes billionth quote

The Exchange has completed its billionth quotation on behalf of the 24,000 advisers using its service since 1991.

September saw a record number of online new business applications of 17,500 , while the quarterly new business submission figure increased 53 per cent since quarter three 2005.

The Exchange attributes its progress to new product features being added such as pension term assurance and new business tracking.

Its acquisition of 1st and integration of the Exweb portal with the Adviser Office have also contributed to the increase in users.

Managing director David Child says: “2006 has been a tremendous year for us with some major new developments and many ‘firsts’ for the industry, ahead of growing competition. Following the acquisition of 1st we completed the first straight through process integration ahead of schedule and this has inevitably contributed to these very strong growth figures.

“Reaching the one billion quotes target is a major milestone not just in the history of The Exchange but for the industry as a whole. E-commerce usage is increasingly being adopted as an integral part of the adviser’s business process and the more we encourage this, the more the results will be felt by advisers, providers and clients alike.”

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