The site was launched last month and is aimed at Irish consumers. The website will be a centre for products from different financial services providers, through a single internet portal. It is aimed at the retail market in Ireland and will allow customers to compare quotes for motor insurance, personal investments and mortgages.
The project is being run by Adrian Daly, former chief executive of Hibernian and a former director of Prudential Corporatio. Daly said that Solmon.com would provide transparency for many of the consumer services on the market.
The site operats on an agency basis with the service providers Dalty said. Solmon.com will be paid a fee based on the amount of products bought through the site.
Currently six mortgage providers ahcve thier products on the site, namely: AIB, ICS, Irish Permanent, IIB, First Active and Ulster Bank.
Products from eight investment comapnies are also available - Irish Life, Hibernian Life, New Ireland, Canada Life, Friends First, Eagle Star Life, Norwich Union and Scottish Provident.
The five insurance providers at Solmon.com are AXA, Hibernian, Eagle Start, Royal and Sun Alliance, Allianz Church and General.
Daly said he plans to bring more companies on board gradually and told Finance that in he was already in talks with several fund management providers.
The website is targeting a general insurance market with an estimated IEP600 million and the personal investments and mortgages market worth IEP2.5 billion and IEP10 billion respectively. There are no plans at present to bring any more general insurers onto the site.
Daly expects Solmon.com to make a profit of IEP500,000 within two years of operations on a projected turnover of IEP4 million in general insurance, IEP20 million in personal investments and IEP70 million in mortgages. |
