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Strategies & Market Trends : e-Commerce the Next 100 Months...... -- Ignore unavailable to you. Want to Upgrade?

To: Manx who wrote (303)	3/31/1998 9:21:00 AM
From: Jack Sman	Respond to of 2882

(PR NEWSWIRE) DJ: Online Buyers Say Yes to Banking and Consumer Products; DJ: Online Buyers Say Yes to Banking and Consumer Products; No to Insurance GREENWICH, Conn.--(BUSINESS WIRE)--March 31, 1998-- IVANS Study Reveals Online Insurance Transactions Lag Behind Other Electronic Services While consumers are quick to spend their money at online music stores and booksellers, they are not as anxious to conduct insurance transactions online, according to an IVANS survey. The survey results demonstrate that while consumers are purchasing goods and certain services on the World Wide Web, they are less likely to conduct insurance transactions online. IVANS, a leading provider of technology services to the insurance industry, sponsored the survey which was conducted by Princeton, N.J.-based Opinion Research Corp. International among more than 2,000 consumers in the United States. Survey results highlight the growing trend for consumers to use online services. Of the 29% of the U.S. population who have access to the Internet from home, more than 50% say they are interested in banking online and 44% are interested in purchasing consumer goods such as CDs and books. For home insurance and auto insurance purchases, the figures dropped to 27% of all Internet users. "Although the Internet offers incredible opportunities for e-commerce, it is clear that consumer demand for online products and services varies widely depending on the industry and the complexity of the transaction," said IVANS President and CEO Dan Carmichael. "Insurance has significant variables and can involve more complex decision-making and options." The survey results were conclusive in determining that the insurance industry still has some way to go in convincing consumers to buy or submit policies and claims online. Of the Internet users, half indicated they would be comfortable submitting claims electronically. Reasons for not wanting to conduct insurance transactions online include: 50% indicate they prefer more personal attention, 34% say security is an issue and 8% say the process would be too complicated. "This study demonstrates that opportunities exist for companies willing to venture into the online marketplace, but the insurance industry still has to convince consumers that their individual needs and questions will be addressed in the same way as by an agent," Carmichael said. "A balance between e-commerce and one-to-one personal services will be critical." E-commerce is growing, especially for companies offering consumer products such as Amazon Books, CD-Now and Chase's online banking. However, it is still unclear how quickly consumer attitudes to insurance will change since many still request one-to-one attention. IVANS recognizes this growth in e-commerce and its importance, and continues to provide the insurance industry with technology solutions that further the online sales and marketing efforts of companies and agencies. By understanding consumer demands and the requirements of its members, IVANS helps agents and companies provide the best combination of network services -- whether it be a private network with complete security and control; an extranet that helps connect agents, business partners and consumers; the public Internet with its open standards and access; or a combination of the three. IVANS, Inc. is an industry-owned, technology services organization providing a broad range of electronic communications services and business solutions to the insurance and health care industries and related organizations in the United States and Canada. There are nearly 500 participating firms and more than 100,000 users, including property and casualty companies; life, health and managed care organizations; agents; reinsurers and brokers; third-party administrators; industry associations; financial services firms; government entities, and parties selling and delivering services to these groups. For more information on IVANS, visit the IVANS Web site at ivans.com. CONTACT: IVANS, Inc., Greenwich Jim Kalach, 203/532-2139 Jim.Kalach@ivans.com or GCI Group, New York Christian Hodgkinson, 212/546-2059 Chodgkinson@gcigroup.com * end of story *