The Internet delivery of property and casualty insurance products and services is approaching the mainstream, according to a consumer research study released by Gomez Inc., an Internet quality measurement firm. The study reveals that more than 28 million consumers, or 30.3 percent of the U.S. adult active online population (or General Web Users), have sought p/c insurance information online.
However, Gomez states that the study also reveals a significant gap between the tasks consumers intend to perform online, those that they actually perform, and those that they express an interest in performing online in the future. This represents a significant untapped opportunity for insurance companies. The inaugural State of Online Insurance: Property and Casualty report is an online survey of more than 10,000 Web users, which addresses critical success factors for insurance companies, and provides key information, analyses, and insights on the online insurance industry today.
The State of Online Insurance: Property and Casualty study uncovered, among other findings, that:
–Only seven of the top twenty issuers of private passenger vehicle insurance offered online policy access as of February 2001;
–Only 4.2 percent of insured consumers that have visited vehicle insurance sites in the past have accessed their policy information online, and;
–The majority (50.9 percent) of insured General Web Users are interested in managing their policies using the Internet in the future.
The State of Online Insurance: Property and Casualty study offers a granular analysis of the attitudes and behaviors of today’s insured online users as they relate to the Internet delivery of p/c insurance policies and services. The report also examines the factors influencing online users’ buying decisions and provides a detailed analysis of these consumers’ other online financial services activities.
The State of Online Insurance: Property and Casualty study is the first of two reports in an inaugural series of studies examining the online insurance industry. The second module, The State of Online Insurance: Life study, will be available in June 2001.
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