EUROPE: SWISS RE ON INSURERS' CHALLENGES

Article Abstract:

Thomas Hess, the chief economist of Schweizer Ruck , the world's second-biggest reinsurance company, predicts that the restructuring of the insurance sector will be completed within 5-7 years. Then 20-30% of insurance policies will be sold on-line. This will result in more transparency in pricing. While most insurers are reserved about internet sales in order not to undermine existing distribution channels, others see chances in electronic distribution and create new products. Mr Hess warns that big non-insurance companies that make use of the opportunities of electronic commerce may start selling insurance policies. Mr Hess estimates that insurance companies could cut premiums by about 16% if they operated more efficiently. He sees rationalisation potential in capital investment, claims management, administration and sales. He says that insurance premiums should reflect better the specific risk of the individual client. Mr Hess points out that insurers already have the data they need for tailored pricing.

Labor force information

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EUROPE: MARKET POTENTIAL FOR INTERNET INSURANCE

Article Abstract:

A study by Andersen Consulting sees great potential for insurance sales through the internet, especially in the field of standard life, pension, motor and accident insurance. Compared with telephone sales, selling via internet makes it easier to compare policies and present them with examples. Moreover, internet presence is 24 hours a day, and it can offer price advantages of up to 85%. The study predicts that similar to internet banking, the internet insurance market will be dominated by established insurers on the one hand and by newcomers on the other.

Comment:

Great potential for insurance sales through the internet.

Marketing procedures, New Electronic Marketing

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EUROPE: FORRESTER STUDY OF E-GOVERNMENT

Article Abstract:

A study by Forrester Research predicts that the internet will lead to a profound reorganisation of the functioning of the state from 2008. Public services will start to be available on the internet on a large-scale from about 2003, while currently the authorities use internet mainly for providing information rather than interactive services. Internet will allow the public service to centralise operations, leaving the local authorities more capacity to concentrate on local duties.

Public Administration, Government, Forrester Research

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