 |
 |
 |
 |
 |
 |
|
Accessing the pages on ambest.com constitutes the user?s
agreement to our terms
of use; Information collected via this Web site is protected by
our privacy statement;
Comments or concerns should be directed to our customer
service group; For other matters refer to our contact us
page.
|
|
October 17th - 19th,
1999
"Intuit Manager: Insurers Should Create
Intuit created Quicken InsureMarket, an insurance marketplace on the Internet for consumers and carriers. Speaking Oct. 18 at A.M. Best Co.'s Insurance and Information Technology Conference, "Continuing the E-volution," Aldrich urged insurers to encapsulate the knowledge individual employees have so all members of the company will have it at their fingertips. He also said insurers should use their customer data--including how much customers pay in premiums, their risks and their renewal cycles--to create new products those customers want. The Internet can streamline the distribution of those products and make it possible for customers to self-serve, he said. Progressive Insurance Group has done this by making auto insurance quotes from several competitors available to customers. CNA has used the same approach to allow brokers to consult each other about placing risks. Liberty Financial Group, through its Independence Life & Annuity subsidiary, employed the technique to offer an annuity online that earns a higher interest rate, he said. The opportunities for such innovations are increasing as the number of consumers using the Internet grows. For example, 40% of all car buyers now use the Web when deciding what car to buy, Aldrich said. The number of choices offered customers also drives online purchases, he said, noting that in early 1997, when Intuit's InsureMarket offered quotes from only two carriers, 29% of the people who received quotes purchased a term-life policy. In July, when the typical user received six quotes for term life, 83% purchased a policy as a result of those quotes. Parlaying specialized information into a competitive advantage is becoming more crucial for insurers as it becomes easier for every component of the insurance business--from underwriting to claims management--to be copied. By Marilyn Ostermiller |
|
|
Wired for Data: 
Insurers must leverage the knowledge that is
embedded within their organizations and their customer data to create
competitive advantages through the Internet, said Steven Aldrich, general
manager of the insurance group of Intuit's consumer finance division.