One of the first internet insurance portals, Insurance My Way, has reduced its financial losses within the last few months, but its dream of being a major supplier of general insurance products is dead.

The Perth company has changed its name to Wealth Protection Solutions and cut its links to general insurance. It now focuses exclusively on life insurance and wealth protection. A strategic plan involving staff redundancies and restructuring is believed to be responsible for the reduction in cash burn. 

Insurance My Way is still accessible on the internet, but now operates under the new company name. Wealth Protection Solutions MD Jenny Caldwell said she was “not able” to provide details in relation to the company.