A NEW Bolton-based dot com venture is set to revolutionise the UK insurance market with an on-line auction site for insurance salvage.

The internet site (www.lotsonline.com) is the brain child of Andrew Crompton, Chief Executive of the Bolton-based Watson Laurie Group of insurance and financial services related companies.

He came up with the idea 12 months ago as a way of speeding up and increasing the financial returns on the disposal of insurance salvage.

It traditionally passes through the hands of various middle-men before final purchase, a process in which prices can be marked up by as much as one thousand per cent.

Lotsonline is designed to simplify the disposal process by providing an electronic gateway directly between insurers and business end-users.

It enables insurers to drive down the cost of claims and pass the savings on to policy holders through lower premiums.

It also offers businesses the opportunity to buy a range of goods from computers to clothing at competitive prices.

Back-up services include recovery of salvaged goods, transportation, storage and restoration.

The new venture has been assisted from the outset by Bolton and Bury Chamber's Business Link.

It introduced the company to software development partner VIS Communications and helped find grant support for the development of the internet site.

Mr Crompton said: "The input of Business Link's adviser Andrew Magee has been invaluable.

"He immediately spotted the potential of our vision for Lotsonline and helped us interpret that vision into a new company.

"It is set to shake up the UK insurance salvage market and become a real profit-making dot com success."