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Competition in the aggregator market is set to intensify with the entry of a new provider aiming to become the sector leader.
Personal lines aggregator OnlyInsurance.co.uk has been established by entrepreneur Andrew Georgiou.
It will launch next month with the support of a 28-strong insurer panel and aims to generate a turnover of between £15m and £20m by the end of the year.
Brokers will be added to the panel as the company develops. There are plans to expand into the US in 2008.
"We aim to be the market leader by giving the consumer the best proposition," Georgiou told Insurance Times.
"We have four or five business development managers looking at growth opportunities."
"We have an underwriter running the business which makes it more attractive for insurers and are looking at plans to grow into affinity and white labelling sectors."
He added: "We are looking to recruit between five and ten new people a month. There is plenty of room to grow."
Gary Thomas, formerly head of underwriting for First Alternative, will become director of personal lines with full responsibility for the aggregate website.
Moneysupermarket is the market's leading aggregator. Others in the sector include CompareTheMarket, confused.com and elephant.com.
One leading broker commented: "Aggregator websites spend up to £10m every year on marketing campaigns.
"Any new entrant would impact the market quite significantly."
