The full adoption of the internet as a, or the, main source of expert information and a viable alternative for transactions is upon us and has the potential to impact the insurance business and insurance agents and brokers - now. As if there were any question to those of you who are reading this online-only content, the internet is now fully mainstream. We have heard for years the internet’s capability for disintermediation, but we are now at the point of massive adoption of the technology by society at large. Is this a tipping point? Consider a few statistics from the Pew Internet & American Life Project (see here, here, here and here):
- Fully 73% of respondents … are internet users
- The share of Americans who have broadband connections at home has now reached 42%
- 45% of internet users, or about 60 million Americans, say that the internet helped them make big decisions or negotiate their way through major episodes in their lives
- 45% … said the internet played a major role as they made major investment or financial decisions
- Eight in ten internet users [that is 80%] have looked for health information online
- Thirty-eight percent of online parents have checked online for health insurance information
Insurance is moving online one step at a time. Despite privacy continuing to concern users of the internet, consumers and businesses are putting more of their insurance buying process onto the internet. And Safeco recently announced their intention of having a significant online presence that will not include agents (see here), a move which has not been met with insurance agent enthusiasm.
Specialty Insurance Expertise: Tennant Risk Services
Content © Worldwide Facilities, LLC, 2005 - 2019 | All Rights Reserved.