CleverDIC offers life assurance, critical illness, pension policies, investments and mortgages, and plans to redirect initial commissions while making money from renewals.
Simon Hill, founder of CleverDIC, said: "Over recent years, I have seen many people become more aware of the cost of financial products. For example, take simple policy alterations/increases, policyholders cannot understand why they need to incur the high costs of initial commissions when little work has been involved.
"Over the last two years we have developed unique automated systems which make CleverDIC both practical and commercially viable. Our concept is a very simple one: we redirect all the initial commission back to the policy for the benefits of the policyholder and in return charge a small fee. The business works because we receive the renewal commissions, which pay automatically; it is a case of looking after the pennies.
"We have effectively lowered the cost of increasing existing, or buying new policies and I believe this could actually start a revolution in the way financial products are bought in the future."
