Insurers are being warned not to put off moves towards developing a single e-commerce trading platform because of the recent collapse in technology companies' share prices.
Internet expert Dr Robert Davies of the Imhotep Consultancy told delegates at the E-commerce Expo Conference in Birmingham this week that e-commerce required insurers to fundamentally review their businesses.
He said e-commerce was not just a technology issue but related to how insurers restructured to adjust to the changes presented by new technology.
He said these changes were: “Transparency in costs and pricing and, critically, potentially massive expense reductions.”
Davies said his research at City University Business School in London showed 73% of traditional insurance companies' expenses could be axed, largely by the elimination of process duplication with distribution partners.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
