BM Solutions, the online division of UK building society Birmingham Midshires, says that 25% of its broker business is now being processed online, significantly ahead of targets set for the three month-old Web-based business.
The Internet broker service has exceeded its target of 20% of business online by the end of 2003 less than three months after its launch says Steve Sandiford, head of products, BM Solutions.
He says: "Phase one has seen four thousand brokers sign-up to the site and the number is increasing as more and more brokers experience the service."
The site provides intermediaries with easy-to-use and real-time case tracking, product matching, client illustrations and finance tools.
BM Solutions is currently paying an extra £50, on top of the standard proc fee, for each online application that proceeds to completion, and is also entering intermediaries into a prize draw for a Mini Cooper for every completed case submitted via the Internet.