- Abbott Mead Vickers BBDO has been awarded the multimillion pound advertising account of a new e-company that aims to do for internet insurance what Direct Line did for the telephone.
Backed by a group of Lloyds underwriters, Quoteferret has sunk substantial funds into a website that is capable of interrogating 12 top insurance companies and delivering their three best quotes within a third of a second.
It is this capability the ability to handle up to 27 million hits a year that Quoteferret hopes will set it apart from its competitors.
No figures were given for Quoteferret's advertising spend, but a TV, press and radio blitz is planned for later in the year to take on the market leader in direct insurance, Direct Line. Direct Line spent £11 million on advertising during the past 12 months.
Quoteferret will initially specialise in car, home and travel insurance, which are the easiest types of insurance to provide. All customers have to do is fill in a short questionnaire. Those who want motor insurance will go through an even simpler process because the company has purchased lists of registered cars from the DVLA.
Andrew Robertson, AMV's chief executive, commented: "This exciting business gives us the opportunity to shake up the domestic insurance market in the same way that Direct Line did ten years ago."
Other companies in the online insurance market include the specialist insurance site screentrade.co.uk and the larger financial services sites Interactive Investor and Money Extra. Direct Line has an online offering and AA
Insurance's theaa.co.uk, and Tesco's financial arm tesco. co.uk are coming into the market.