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Tuesday, November 17th
"Network-Internet Integration Key for Insurers"
He said that most insurance companies have yet to reap the benefits of market penetration and profitability from their web sites. "The nonstarters--I wouldn't call them failures--but the nonstarters outweigh the successes," Consolazio said. "There's little or no profitability for most. We had an expectation right up front that if we threw up a web page the money will start rolling through the door. That's not necessarily the case." Consolazio spoke Tuesday at "Fulfilling the e-Promise", the A.M. Best Co.'s annual insurance information management conference in Boston. He said insurance companies need to integrate their Internet systems with the rest of their computer networks, so an agent or client viewing information on the web site sees the same data available on the in-house network. "The use of the web site has a ripple effect in business," Consolazio said. "You've got to make sure there aren't islands of information not linked with other systems." He also said expenses stemming from Y2K have kept many companies from investing in web development. "There's going to be a spike after Y2K," Consolazio said. "Within the next five years, it (web business) will become pervasive." |
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Insurance companies have not fully harvested the fruits the
Internet can bear, said Eric Consolazio, director of systems integration for
PriceWaterhouseCoopers Management Consulting Services, New York.