Pontypool-based select comparison specialist Quote the Market is the IT power behind Honcho, the UK’s first reverse auction marketplace for financial services.

Quote the Market, part of insuretech industry leaders pH Innovate group, is helping Honcho offer the broadest range of insurers as an alternative to price comparison websites. Honcho aims to drive increased competition and pricing transparency through an auction, where insurers bid against each other in real time, with decreasing prices, to win people's business.

Every insurer pays £1 to enter an auction instead of price comparison website commission, which allows brokers/insurers to make pricing decisions based on risk and commercial factors, as they can see each other's pricing.

QtM managing director Nigel Chivers said: “We’re excited to add Honcho to our portfolio of customers who typically approach us with business issues and take our product, whether API or full white label, and report back that Quote the Market has delivered in a timely and cost-efficient manner.”

Wales is home to more than 3,500 home-grown and multinational technology operations.