PalPremium to launch web portal for financial products

PalPremium Online Media is all set to launch a web portal that would allow consumers to choose a financial product better and also save, company director P Srikanth Reddy said today.

Reddy, who is also the chairman of Four Soft Limited, said the aim of the portal ''www.saverable.com'' is to present different financial products under one roof and make people save by making a better choice.

If a consumer wants to buy a financial product, all he has to do is to enter his requirements and various products within the range and parameters will be displayed based on which he can take a decision, Reddy said.

"Purchases worth Rs 38,000 crore are expected to be sold online by 2017. Most of it are financial and travel related instruments. If we help people save at least one per cent of that, our aim is achieved," he added.

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Reddy said the company will not involve in directly selling the product but rather work as a platform for various companies.

Selection is becoming tough with many reputed banks and financial institutes venturing into the market and consumers have to make a choice between the good and the better, said Ameen Khwaja, co-promoter of the portal.

"To start with we will offer financial products like insurance, housing loan, travel insurance and slowly we will scale up the products," he said.

Reddy said the main revenue model for the portal is selling qualified leads to financial institutions, which otherwise spend lot of money on generating potential leads.

"Financial institutions are willing pay anything between 5 to 20 GBP for qualified leads. We will sell those leads which will be the main revenue earner for us. Secondly, over a period we may take up selling products and thirdly advertisements in the portal," he said.

According to him, the portal is currently under testing phase and would be available for public by the year-end.

PTI