The initial arrangements involve The Exchange linking its market leading comparative quotation and electronic new business services to Bankhall's portal, IFAengine, replacing the existing quotes and new business services.
The contract provides for The Exchange to deliver quotation and new business services to more than 6,000 IFAs serviced by Bankhall and covers life, pension, investment, mortgage and general insurance products. It reflects Bankhall's objective of providing market leading support services to help IFAs reduce costs and improve customer service.
These arrangements strengthen The Exchange's position as a leading provider of online services to the IFA market as they effectively mean that Bankhall will be outsourcing the comparative quotation and new business services. They will also have the benefit of reducing the number of quotation services that product providers have to support, thereby delivering cost savings to the industry.
Other arrangements within this alliance include:
The overall strategic alliance between Bankhall and The Exchange aims to broaden the supply of innovative and value added technology, products and services to the IFA market by both parties and may be extended in due course.
Sue Summers, managing director at The Exchange, commented:
"Now more than ever IFAs need access to quality e-commerce services and this alliance should extend our reach in the provision of such services to the IFA market. We are also pleased to be making a contribution to lowering the industry's costs by reducing the number of quotation services product providers have to support. We are delighted to be working with Bankhall and look forward to discussing further opportunities that can help its members run their businesses at maximum efficiency."