E-commerce software provider Allfinanz is setting up a pan-European electronic marketplace for consumers to buy and sell financial products.
Xpertmatch provides trading platforms called virtual distribution communities for consumers to buy life insurance and financial services on the internet from a range of providers.
The transaction can be completed online, rather than just giving consumers the ability to get a quote or apply for a product. The products available include term insurance, critical-illness cover, mortgage protection and annuities.
Allfinanz says it has designed the system to bring together reinsurers product providers, distributors and consumers.
Product providers get access to low-cost distribution channels, distributors receive revenue from transactions, and the end-consumer can complete a purchase in one session.
Allfinanz has signed up a number of life insurers to the service. The platform can be hosted by an online financial services provider which can then offer its products in competition with others.
It can also sit within a distributor's website. It provides the technology to complete the transactions in return for a share of revenues.
Allfinanz group chief executive Jim Maher says: “Xpertmatch brings together all the members of the value chain in one place: reinsurers, product providers, distributors and consumers. What makes this different is the integration of an automatic underwriting engine which means consumers can purchase and be covered before they log off.”