Insurance Direct Selling and E-Commerce Grows

The roles of insurance intermediaries and agents, along with the overall structure of the insurance market, are changing dramatically as a result of ecommerce influences. Insurance sites on the internet enable consumers to generate a large number of competing insurance quotes within seconds. Because the tasks of providing information and writing transactions have typically been the primary functions of insurance agents, electronic markets that can perform these tasks more efficiently and with fewer costs threaten to displace agents. The future role of the insurance agent may evolve toward value-added customer service and consultation. This is similar to the evolution of the role of travel agents since the booming popularity of booking travel reservations via the internet. The extremely rapid adoption of smartphones on a global basis means that firms that deal with consumer lines such as auto insurance must adopt mobile strategies in order to gain new customers and satisfy the service needs of existing accounts.

Thanks to extremely successful direct sales efforts by firms like GEICO and Progressive, direct sales in the U.S. personal auto insurance market are booming. Direct marketing is also taking over in nations other than the U.S., with a signification portion of all new car insurance policies in the UK, for example, sold through direct marketing. Independent agencies will continue to lose market share as technology and direct sales gain in use.

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