US online insurance platform Answer Financial Inc. (AFI) is to expand into the European Internet financial services marketplace through an alliance with London-based technology vendor Vebnet.
In return for licensing its platform and providing technical support to Vebnet, AFI will be paid licensing and transaction fees, as well as have an equity stake in Vebnet.
Mirroring the Answer Financial employer and affinity group model, Vebnet will offer a range of insurance and financial products to European consumers as voluntary benefits through employers and affinity groups. The product line will include home, auto, health, life, personal accident and travel insurance.
Gerry O'Neill, chief executive officer of Vebnet, says: "AFI offers us an enormously robust engine already integrated with call centre technology that will allow us to service millions of customers immediately at launch."
Initially, the company will focus marketing efforts on the United Kingdom, Germany and France. Launch is scheduled for early next year.