How should insurers view the Internet?

In the life insurance industry, the vast majority of insurers have a presence on the Web and many sell policies over it, but only a comparatively small volume has actually been sold this way. A close look reveals the vast difference between what insurers have accomplished marketing on the Web versus...

Full description

Saved in:
Bibliographic Details
Published inNational Underwriter Vol. 104; no. 12; p. 8
Main Author Dixon, Allen
Format Trade Publication Article
LanguageEnglish
Published Erlanger ALM Media Properties, LLC 20.03.2000
EditionLife, health/financial services ed.
Subjects
Distribution channels
Electronic commerce
Insurance companies
Insurance industry
Internet
Life insurance
Market segmentation
Marketing
Trends
Websites
United States > US
Online AccessGet full text

Cover

More Information
Summary:In the life insurance industry, the vast majority of insurers have a presence on the Web and many sell policies over it, but only a comparatively small volume has actually been sold this way. A close look reveals the vast difference between what insurers have accomplished marketing on the Web versus what the hype would suggest. Several important trends have launched this speculation and the accompanying wave of accolades and predictions about sales over the Internet. First, the agency system faces numerous challenges. Escalating costs, dwindling retention rates and new forms of competition have forced insurers to consider alternatives. Second, the Internet leaps out as a natural option to consider. It has a cutting edge cachet and provides access to a relatively young and affluent population. Third, the Web offers the unique strength of segmenting the population based on common interests or specific demographics, in an inexpensive way.
ISSN:1940-1345