Advisers using the service can get a comparative quote in minutes, and once a product has been selected the IFA can enter the client's credit card details to purchase cover immediately. With household insurance there is a facility to pay in monthly instalments.
Commission rates vary and are included within the premiums. Commission is payable by cheque at the end of each month if the amount is equal to or greater than £100, although commission levels below £100 will be rolled over until this threshold has been reached.
This service is also available as a component within the Exchange's web building service to enable adviser's clients to buy insurance via their website. This costs from £25 per month and all online sales generate commission for the adviser.
Chris Baker, director of product marketing, said: "This new product will enable IFAs to service their clients' general insurance needs without having to refer them to an alternative broker. This way they improve their client service and benefit from the commission available from general insurance products."
