The use of the internet to buy personal insurance set to grow rapidly, according to Datamonitor.
The analyst forecast that motor insurance internet sales would account for nearly a third (29%) of the market by 2009. This would be driven by direct distribution.
In 2005, the internet sales of motor insurance accounted for 12% of the market, the company said in a report on the UK general insurance market.
Datamonitor also predicted that home insurance internet sales would rise “rapidly” to 17% of the market by 2009, and would reach 13% in 2007.
“Online distribution, particularly via aggregator sites, will increase the commoditisation of insurance products, encouraging the development of simple, no-frill offerings,” said Mathilde Jakobsen, financial services analyst at Datamonitor and author of the report.
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.
