by Tony O'Brien
Irish company Xelector has been chosen by the on-line broker E-Trade and the personal finance Web site, Moneynet, to provide financial services marketplaces.
Xelector's technology lets Web sites offer customers comparison shopping tools for financial services, including motor and travel insurance, credit cards and personal loans. The company will also include home contents insurance in the near future.
At the same time Xelector, which employs 55, is believed to be in talks to offer its services to the Financial Times but the company would not confirm this.
The company said there had been a 450 percent increase in motor insurance products sold on-line between 1999 and 2000 and a 465 percent increase in travel insurance.
"We are really trying to target the areas where there is a track record of real growth," Marketing and Communications Manager, Aisling Carroll, told ElectricNews.Net.
The new deals with E-Trade and Moneynet were announced by Xelector CEO, Xavier Azalbert. Moneynet (www.moneynet.co.uk) selected Xelector's MotorInsure marketplace because it allows their customers to compare guaranteed motor insurance quotes and buy on-line. Autobytel (www.autobytel.co.uk) and First-e, the Internet bank (www.first-e.co.uk), are other sites using MotorInsure.
Moneynet customers can also shop for travel insurance quotes and obtain instant business, backpacking and single or multi-trip insurance coverage on-line. The service is provided by Xelector's TravelInsure.
E-Trade (www.eTrade.co.uk) is offering a personalised service tailored to individual needs in credit cards and personal loans through Xelector's CreditCards and PersonalLoans.
Consumers can evaluate specific features -- such as brand and late fees -- and then click to buy.
"Through our relationship with Xelector we are now able to offer our on-line customers easy access to quality motor insurance products at the right price," said Richard Brown, Managing Director, Moneynet.
Last November, Xelector raised EUR8.5 million financing, with Vertex as the lead investor, which will be used to develop further marketplaces. However, that month also saw the company making 20 staff redundant because European expansion had not happened as hoped. Xelector is now focussing on the UK and German markets.
