A report suggesting trouble ahead for insurance brokers who fail to embrace online business has been called "a wake up call" by David Quick, managing director of CETA.
Product analyst Defaqto says in its latest report ‘Changing policies for a changing world' that the next two or three years will bring major changes in the home insurance market.
The report predicts: “Brokers not able to deal with customers on websites and through e-mails will struggle to survive”.
The prediction reinforces comments from CETA, the UK's largest independent general insurance network, that e-commerce is both a threat and an opportunity for brokers.
“The stunning growth and future potential of e-commerce is too big to be ignored,” said David Quick.
“Insurance brokers have already seen some of their traditional business ebb away to direct insurers on the internet and they need to embrace new technology if they are to survive.”
