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Insurance industry is not fully exploiting internet says ABI

Two thirds of UK life offices have been unable to take full advantage of e-commerce says a survey conducted by the ABI.

A number of barriers exist to insurers fully exploiting the potential of the internet. The most often cited one is product complexity, followed by other factors such as regulation, the need for paper signatures, security risks, the cost of online development and integrating legacy systems and business.

The results indicate 96 per cent of life offices say they use the net to provide general information, but less than half are actually selling products over it.

ABI manager of electronic commerce John Kemble says: “It will take time for public confidence in using the Internet to buy longer-term products to grow. This means that there is still time for those insurers who are not currently selling directly on the web to decide to do so.”


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