Online sales in personal lines insurance will have cornered a market share of 5-10 percent in the U.S. and 3-5 percent in Europe by 2005; e-business will enable U.S. personal lines insurers to cut costs by up to 12 percent; and growing transparency and easier access to the market via the internet will increase competition globally in the insurance markets. These are the conclusions drawn in the latest sigma study entitled “The impact of e-business on the insurance industry: Pressure to adapt – chance to reinvent”.
In standardized personal lines insurance, sigma expects online channels to have gained a market share of 5-10 percent in the U.S. and 3-5 percent in Europe by 2005, while most life and pension products, health insurance and commercial insurance have only a limited suitability for sale via the Internet.
Topics USA
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