Source Software

Origins

Source Software Limited was originally established in 1993 in response to the growing demand for facilities to enable non-specialist financial intermediaries such as IFAs, Life & Pensions representatives and mortgage brokers to cross-sell general insurance products to their clients. The company initially offered a single household insurance product, but quickly realised that by consolidating the home insurance sales generated by these small intermediaries, it could deliver levels of commission for the introducer comparable with those they would receive if they held a small direct agency with the Insurer. However, unlike holding a direct agency, there was no minimum business volume for them to sustain and much less administration. The firm could also offer a better deal for the consumer than if they took out the insurance offered by the mortgage lender. The business then started to focus on the contribution that IT could make to this process, in particular with respect to allowing the brokers to efficiently offer a range of competitive quotes.

Success Factor

Key factors in the success of the business includes user friendly software, which has been produced to be simple to use for customers and gives them straightforward access to a range of top financial service products. However, the business is also highly innovative – writing software in-house which enables it to produce state-of-the art solutions and keep ahead of the market. Along with top of the range products and a dedicated support team, not one of the firm’s competitors can match this across all areas.

The Future

The future plans for Source Software is to focus strongly on relationships with key customers to drive increased volumes of sales. The business will also continue to develop software innovatively to provide the best service it can for customers and continue to expand the range of products available.