E-commerce: Internet rules UK personal lines distribution market
The internet is fast becoming the "only" way to purchase personal lines insurance in the UK as online customers become less loyal and more price sensitive, according to a recent consumer survey.
Global management consultants Accenture found that the UK led the rest of Europe in the extent and pace of online insurance with 81% of online motor insurance customers planning to shop around at renewal and only 17% planning to renew with their current provider.
Steve Lathrope, of the insurance industry practice at Accenture, said the impact of these trends had been exacerbated by the "phenomenal" rise of the aggregator channel.
"Providers will need to develop distinctive capabilities to
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