Report Says Top Insurers Embracing Web for Agent and Policyholder Communication

August 14, 2001

Top U.S. insurers are turning to the web to reduce communication costs with both agents and policyholders, says a new report titled “U.S. Insurance & the Web: An Overview” published by Celent Communications this week.

Thirty-eight percent of the top 100 property/casualty carriers and 54 percent of the top 100 life/health carriers have already implemented some type of web-based Agent Extranet. Twenty-nine percent of the P/C carriers and 43 percent of the life/health carriers are providing some kind of policyholder account access through the web.

While the web may not lead to a disruptive revolution in insurance sales, effective use of the web for customer and agent communications is a critically important evolution for insurance carriers, the report says.

Celent expects the impact of direct consumer online sales in the next five years to be negligible for the next five years compared to these cost savings.

The report includes the results of a survey conducted by Celent in July 2001 of the functionality of websites of the top 100 carriers in both life/health and property/ casualty Insurance, as well as the top 75 bank websites.

The report is available from Celent Communications, www.celent.com.

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