The Exchange is maintaining their market leadership and is responsible for 60% of all quotation transactions (65% if just the B2B market transactions are compared) from these portals. The Exchange also continues to provide the broadest range of services across the widest range of Product Providers.
Assureweb, Webline and Direct Life are also thriving with impressive growth figures. Assureweb showed an admirable growth at 29% and boast an impressive customer line up; including Barclays, Home of Choice, Sesame, Bankhall and Personal Touch. Webline also showed solid growth of 16% but it is their B2C growth that stands out. Webline now claim to support 2,000 IFA websites by integrating Webline's quotation platform into their websites. Meanwhile Direct Life now provides 590,000 quotes a month (a growth of 18%) from their niche of targeting protection business.
True Potential has also entered the market this year and although only operating for 8 months so far, are already making an impact by providing 200,000 quotes per month and growing.
The growth in the portal market is even more noticeable when looking at the volume of new business transactions. Webline, for example, has shown a massive increase of 177% in their transaction volumes. However, while growth is high, the actual transaction levels themselves are still relatively low. Our survey suggests a poor conversion rate for the ratio of electronic quotations to electronic applications (an industry average for portals of 0.35%). The conversion rates appear to be better where the whole business model and process is electronic - as with True Potential - who have a conversion rate of 2.5%.