“Online banking services are now commonplace, while progress is needed to establish a powerful insurance online presence.
This will provide a platform for banks to sell insurance within the eCommerce arena.” The insurance industry in the UK is now facing a period of considerable change.
Key themes are emerging to challenge the current industry paradigms.
Firstly, as with business in general, the Internet is providing new avenues to the customer.
The insurance industry faces many hurdles before it can provide a new economy solution for consumers.
However, those businesses which grasp the new technology, will have a significant advantage in the coming years.
Secondly, consolidation amongst the leading UK and European players is set to continue with scale offering many advantages.
The Future of UK Insurance by Reuters Business Insight is a one stop shop for the insurance industry.
It provides an analysis of current events and provides forecasts up to 2005.
A detailed analysis of the competitive environment is also provided, with the recent spate of mergers and acquisitions discussed and the competitive positioning of the leading players identified.
By utilizing this information the report is able to make predictions for the future competitive structures of the UK market and also provide these in a European context.
Insurance lags behind other financial services sectors in eCommerce space.