The commission has risen from 5 to 10 lautro points as a result of the high volumes of business that The Exchange generates on Exweb. The Exchange has recently announced that it has processed 100,000 transactions via Exweb.
Rye Mills, director, intermediary division at Liverpool Victoria, comments: “The Exchange’s quote and transaction volumes are considerably higher than the other portals which makes it commercially attractive for us to offer higher commissions for business we receive via its service. The Exchange has been making good progress recently in developing its service to make it easier for intermediaries to submit applications electronically and we are pleased to support its efforts.”
David Child, managing director at The Exchange, comments:
“These arrangements form part of our commitment to working in collaboration with product providers to deliver electronic new business services that benefit intermediaries and their clients. We are confident Liverpool Victoria will benefit from increasing volumes of new business.”
The Exchange enables intermediaries to quickly and easily submit applications electronically either via its own ‘Exweb Buy’ service or by linking to a good range of product provider extranet services. By doing this intermediaries can benefit from enhanced commission where available and faster payments. In addition the built-in validation capability of the service reduces the risk of errors being made on application forms.
Exweb now gives IFAs access to 77 electronic application forms from a total of 12 product providers covering term assurance, whole of life assurance, income protection, critical illness, bonds and pensions. In addition, Exweb seamlessly links through to IFA extranet services from Friends Provident, Legal and General, Norwich Union, Scottish Widows, Liverpool Victoria and UnumProvident.
