The Internet services division of Misys is to open a personal financial services Internet portal for UK consumers, theformula.
The portal has been built on the foundations of Misys's Internet insurance service, Screentrade, and will enable consumers, through the Internet, interactive digital TV and a specialist contact-centre, to buy a basket of financial products from a wide range of providers, using advanced 'compare, inform and buy' technologies, the company claims.
The intention is to expand the range of products offered beyond motor, home and travel insurance into investments and life assurance, with other products added throughout 2001. Misys has created almost 150 jobs in London and Peterborough to help support the new media and telephone centres of theformula's operation. It aims to be providing 2 million individual quotes a month by the end of 2001.
Kevin Lomax, Misys chairman, says theformula has the potential to become one of the few trusted financial brands on the internet, "because it has been built with impartiality as standard. We aim to provide a service that recognises the importance of giving consumers information as well as choice and the ability to complete the transaction online."