Lump sum investors will be able to use the Internet to make huge savings on brokers' commissions, with the launch today of a new insurance brokerage website www.discount investmentsireland.com.

Users of the execution-only service will pay 0.5 per cent commission on the amount they invest when they purchase an investment bond through this site, way below the industry average of 3.5 per cent.

The website has been designed to allow simple access to the latest product information from the major insurance providers and is aimed at investors who know which investment bond they require and do not need the assistance of intermediaries.

When the client, who has already decided on the product they are interested in, logs on to the site, he or she can access some information on that product. If they are happy to go ahead, they fill in the proposal form on the site, print it out, sign it and send it in with the cheque.

In this way the traditional administration costs are cut out, as is the time spent with the broker. Commenting on the new site, Discount Investment Ireland's marketing director Ms Aideen McMahon said: "Through our research we have identified the more informed investor, who knows what is available and which bond they require and is therefore looking for this type of execution-only service and the best value for their lump sum."

The company will be selling the products of the largest companies in the Irish insurance market - New Ireland, Norwich Union, Irish Life, Eagle Star and Friends First.