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An Analysis of the Impact of the Internet On the Independent Distribution of Life Insurance Across Europe
Milliman, April 2005
In most European countries, the Internet is still an insignificant distribution channel for life insurance business. However it already has impacted significantly the relationships between customers, distributors and life insurance companies.
In this report, based on unique research of the independent financial adviser sector in France, Germany, Italy, Spain and the United Kingdom, we analyse how the Internet has changed working processes and sales methods.
Scope of the Report
The report addresses key questions for each of the countries covered including:
- Do independent distributors have their own websites and what do they use them for?
- Has the development of their own websites significantly changed their relationships with their clients or allowed them to attract new clients?
- What type of online services do life insurance providers offer to independent distributors?
- How do Internet-based services offered by providers impact independent distributors' business processes and the quality of service they deliver to clients?
- What future benefits do independent distributors expect to gain from internet-based technology?
Key Findings
Life insurance business volumes written directly via the Internet are low and the Internet clearly does not appear to be a threat to independent financial advisers in the short term.
However, the Internet has already significantly changed the way that many independent distributors work and in particular in their relationships with their providers.
The main advantage of the Internet for advisers is that it has reduced the time they spend on administrative tasks and at the same time reduced the delays and errors in the processing of their clients' requests.
It is also starting to reduce the amount of time spent on pure sales activity as the Internet is often being used to generate qualified warm leads.
This has allowed distributors to focus on providing advice to their clients. The Internet enables them to deliver best advice both at the point of sale, through quotation, illustration and comparison tools and on an on-going basis, thanks to policy servicing tools which allowing them to monitor their clients' policies.
Going a step further, independent distributors are now starting to expect to access tools consolidating product and client information at an aggregated market level. They also expect closer integration between the tools offered by providers and their own back office systems.
Why You Need This Report
The Report:
- Is based on unique research involving online questionnaires, telephone and face-to face interviews with independent distributors in five European countries: France, Germany, Italy, Spain and the United Kingdom.
- Gives an in-depth view on how independent distributors currently use the Internet in these five countries,
- Provides a detailed overview of the Internet-based services provided to independent distributors by life insurance companies,
- Assesses independent distributors' attitudes, expectations and future trends.
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