Insurance Playing catch-up Internet
Michael Kaye knew he was paying too much for auto insurance: $ 1400 per year just to cover the liability of his Dodge Dart.
So, if his policy was ready to expire, 24 years, has purchased approximately - on the Web. With a few mouse clicks, it has completely covered, including collisions and complete for only $ 800 a year.
Kaye, a Web site-experienced, has a San Jose Business micro-processors for small devices is still a pioneer. Not many consumers are shopping for insurance online because not many insurers. Unlike the banking and brokerage industry, insurance, slow to embrace the Internet.
Online sales of auto, home owners and duration of life insurance amounted to $ 155 million during the last year - less than 1 percent of all premiums according to Forrester Research.
But the Cambridge, Massachusetts, insurance companies online sales expected to balloon to $ 4.1 billion by the year 2003, as a growing number of insurers overcome the legal and technical obstacles to offer , Offers information and sale on the Internet.
It is precisely now, most insurance sites, you can compare the shop and an application form online. But some still at an agent, you actually sell the policy.
“ We believe insurance is a huge market, because the innate facility to store your product without pressure and execution of transactions in a fraction of time now,’’said Steven Aldrich, President of finance software - Intuit Maker’s insurance.
The company Mountain View site www.insuremarket.com rose in 1996 and now offers term life, auto (but not yet in California) health and other types of insurance from different companies’ insurance.
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