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CoverMaker moves closer to Broker Network, 9th October 2001

Today, Redbox Systems Limited, the company responsible for developing CoverMaker.net - the groundbreaking commercial insurance trading application - announced that it was establishing a closer alliance with The Broker Network (BNL) as part of its growth strategy.

BNL, a network of more than 100 independent insurance brokers, was one of three founding shareholders in Redbox Systems, and has played a key role in piloting the CoverMaker system with a selected group of its members.

The move reinforces CoverMaker's aim to become the leading commercial insurance portal for all regional brokers, enabling a refocusing of activity to drive up the transactions through the portal from its existing customer base, which already includes some non-BNL brokers. Grant Ellis, Managing Director of The Broker Network, said: "We are delighted to take the lead in moving the CoverMaker project forward, for the benefit of the insurance industry as a whole. We remain committed to extending the system not just to network members, but to all brokers who place business in the UK markets."

Commenting on the changes, Sir Laurie Magnus, Chairman of Redbox Systems said: "The management of Redbox are now able to develop CoverMaker with the company's future firmly underpinned by BNL as its majority shareholder. The Board believes that CoverMaker has the foundations in place to become the premier provider in the UK commercial lines market."

Liz Latter, Redbox's Managing Director, explained: "This move provides Redbox not only with a secure financial future, but also with a base on which to achieve sustainable growth. There is a pressure to sign up as many brokers as possible, however it is only through those brokers repeatedly using the system and it becoming a part of their daily processes that brokers and insurers will start to realise the substantial cost savings. This new arrangement will allow us to focus activity on increasing the volume of business being placed via the portal."

CoverMaker, which has been well-received by both brokers and insurers, offers the ability to place a wide range of commercial insurances through a streamlined process, and is suitable not only for package business, but also for complex risks for which bespoke proposals may be necessary. CoverMaker does not require investment in new hardware or software and, unlike other Internet-based propositions, allows for one-to-one dialogue between broker and underwriter.