M&C and MediaVest win pounds 10m business for 'virtual' broker

M&C Saatchi and MediaVest have won the creative and media accounts for the pounds 10 million launch of a 'virtual' broking service.

M&C Saatchi and MediaVest have won the creative and media accounts for the pounds 10 million launch of a 'virtual' broking service.

The service, to be called theformula, insists it will plug no particular products but promises to make the buying of financial products a less mysterious and patronising experience.

It marks the first foray into the mass market by the software company Misys and will offer a wide range of motor, home and travel insurance products as well as investment opportunities and life assurance policies.

The ad agency, which won the assignment in a four-way pitch, is working on a TV and outdoor campaign to coincide with the service's debut early next year.

With links to a wide range of financial services companies, theformula is going for an impartial and no-nonsense approach by offering products in which it has no vested interest. Would-be customers will be able to access the service using the internet, through interactive TV or by telephone.

The service has set itself a target of selling a million products in three years.

'We will be the only truly impartial financial services brand,' Nick Mercer, the marketing director of Misys Interactive Trading, the company's internet services div- ision which is launching theformula, said.

It is the result of six months of development and a pounds 30 million investment by Misys which is attempting to build on Screentrade, its online service for independent fin- ancial advisors.

The lion's share of the pounds 10 milion marketing budget being spent up to May next year will go in above-the-line advertising. Mercer cited M&C Saatchi's 'clarity of thinking on a complex brief' as the reason for its appointment.