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NTRODUCTION TO E-INSURANCE E-insurance can be broadly defined as the application of Internet and related

information technologies (IT) to the production and distribution of insurance services. In a narrower sense, it can be defined as the provision of an insurance cover whereby an insurance policy is solicited, offered, negotiated and contracted online. While payment, policy delivery and claims processing may all be done online as well, technical and regulatory constraints may not allow these elements to be subjected to full e-commerce application in certain countries. However, insurance legislation worldwide is being continuously modified to accommodate online payment and policy delivery, and outside the discussion of einsurance metrics, these elements should be included in the narrow definition. The anticipated efficiency effect of einsurance is twofold: E-insurance should reduce internal administration and management costs by automating business processes, permitting real-time networking of company departments, and improving management information. It should reduce the commissions paid to intermediaries since it can be sold directly to clients. For insurance sold to individuals, agents typically receive a commission of 10 to 15 percent for non-life policy sales and renewals and from 35 to 100 percent for life insurance policies in the first policy year, but much less on renewal. However, some of the income gained in commissions that are not paid to intermediaries must be spent on online customer acquisition and marketing. Assuming cost savings do materialize in a competitive market, they would be passed on to consumers thereby allowing them to buy more insurance, or other products or services. Since insurance penetration (Premiums as a percentage of GDP) in developing countries is only of that in developed countries, the efficiency gains created by e-insurance may contribute substantially to growth in insurance spending and thus intensify its indisputable role in promoting trade and development. Of the $2.5 trillion worth of global insurance premiums, about 1 percent could qualify as e-insurance, according to the broad definition. Little, if any of the premiums earned in developing countries, could be described as e-insurance according to the narrow definition. In stark contrast, the majority of the $100 billion global reinsurance business is traded using some form of electronic medium. Considered along with initial reports indicating that online premium rates are more competitive, this could point to acceleration in online distribution of insurance covers measured by the overall value of insured assets. Considered along with initial reports indicating that online premium rates are more competitive, this could point to acceleration in online distribution of insurance covers measured by the overall value of insured assets. During the height of the dot.com euphoria, expectations for e-insurance growth were very strong, and many insurance and reinsurance companies and intermediaries have continued to invest in their e-commerce capabilities. Swiss Res research arm SIGMA estimates that by 2007 e-insurance will have 5 to 10 percent market share in standardized personal lines insurance Figure 1 indicates forecasts that 7 percent of global premiums will qualify as e-insurance by 2007. Figure 1.

NEED OF E-INSURANCE:Recent developments in information technology (IT) and web-enabled systems have made it easier for insurers to run global operations in a way that would not have been possible even two years ago. Insurers are already reaping advantages from IT improvements in internal efficiencies in areas as diverse as underwriting, claims, policy administration, financial reporting and human resources. But efficiencies go beyond these internal ones. In the coming years, the internet will have at least two major effects on the insurance industry: cost efficiencies and broader distribution. These efficiencies will come as insurers experience a greater availability of data from the internet and the transfer of business processes from manual-related or computer-related systems to newer communication related systems. Such internet-style technology will reduce cost, reduce the level of effort and improve accessibility to large-scale data. Data accumulation becomes much easier under the internet approach and thus affects costs and value of insurance. The internet will bring insurers to a whole new audience, and will allow them to sample new markets that would have been too expensive to enter. Making information available to potential customers and the ability to market products to the new audience will have a tremendous impact. THE WEBSITE:-COMPARISON OF INSURANCE INDUSTRIES OFFERING V/S CUSTOMER EXPECTATION Todays customers have certain basic expectations about their insurers website without which they will turn to other more interactive sites. As the website is a touch point for consumers and insurers; it should have the following basic features: Functionality: Many insurers have made plans to add capabilities to their sites such as problem resolution. But such functions as claims handling, self-administration of policies, online billing and bill payment may have not yet been executed to the satisfaction of the site visitor. Timely response: Todays sophisticated web surfers do not complain when they get a lack of response from an insurers website they just take their business someplace else. The Customer Respect Group discovered this gaffe in its Summer 2004 Online Customer Respect Study. 27% of carriers surveyed do not reply at all to online inquiries and another 25% answer only about half of their inquiries. As a result online users will abandon a visit to a site and go to a competitors site to make a purchase if they have a less than satisfying experience. Response time should therefore be addressed more seriously. Financial products and services features: Customers will visit an insurance site more often if it has a wider breadth of financial products and service features. For example, Nationwide, Usaa and Prudential insurance companies (all of which offer an extensive array of products that can be bought online) average three visits per customer each month, as opposed to one monthly visit per user to sites with narrower offerings. Moreover, in another survey supporting this point of view, it appeared that 45% of consumers are less likely to use their insurance sites if products and services such as financial aggregation are provided elsewhere. Connectivity and easy site navigation: Insurers need to ensure that the consumers online experience is as convenient as possible. In Policyholder Self Service report by Gomez Inc. it was established that currently the average visit to insurance sites lasts about 10 minutes, which means that insurers have a very short time in which to impress the consumer with the value of their site before they move on. In that same report it was also found that more than half of those who were unsuccessful at performing self service say that they are unlikely to try again, while successful self service will likely draw people back (74.7%) It can be concluded from the above that the basics of an attractive

website is still not perfected by established insurers, which sheds some light on why the number of online customers are not yet up to expectation. ADOPTION OF E-COMMERCE TO INSURANCE:Certain industries, such as travel, banking, and retail, have embraced the emerging technologies that make electronic commerce possible. Some firms have gone as far as completely revamping their business processes. The insurance industry has made real progress in implementing some of the technologies of e-commerce, but the industry has been slow to adopt others. This is because insurers must carefully select which applications to implement, weighing the costs and benefits. Some applications of ecommerce used in other industries do not easily fit the business of insurance. Many others, however, present insurers with interesting possibilities . A typical e-commerce transaction can be divided into the following five phases 1. Search 2. Valuation 3. Logistics 4. Transaction 5. After-sales services The first four stages of e-commerce described above directly lend themselves to analogous steps for purchasing an insurance product online. Consumers search from different insurance companies for products that they are willing to purchase. They evaluate the products from different companies to determine the one which best suits their needs. The insurance company then conveys the terms of the insurance policy to the customer and the customer responds with details including a description of the entity being insured, the terms and the duration of the insurance policy. When both the customer and insurance company agree to go ahead with the transaction, the buyer pays the initial premium to the insurance company and the policy certificate is sent to the buyer. The after sales phase of einsurance is however considerably different from e-commerce. In e-commerce, human intervention is required for activities in the post-sales phase such as repair or replacement of parts. However, a major interaction between an insurer and the insurance company occurs in the post-sales phase if the insurer submits a claim for the amount insured. Online claim settlement involves complex interactions between the insurer, the insurance company and possibly legal and judicial authorities and, in an automated environment, requires close interactions between humans and automated agents. This phase is therefore the most difficult to implement over the Internet and online insurance sites mostly rely on human intervention for this phase. Insurance companies offering proper services through Internet can be classified into the following categories: Web Sites: Almost every insurance company has homepage providing information about the company and products. However, these homepages are little more than passive online versions of the companys brochures. Product Portals: Portals are sites that provide a collection of links to sites of interest. Point-ofSale Portals: Unlike most other commodities, the sale of insurance products is initiated by the sellers. Certain sits exploit this approach by offering insurance products while selling insurable goods such as cars or while providing information on health or college education. Intermediate Brokers: Brokers are intermediate sites that do not sell insurance products directly but assist clients in matching their requirements with the policies offered by insurance companies. Reverse Auction: In this case, the client is usually an organization interested in group insurance. The client announces its requirements and selects the best offer made by an insurance company. Aggregators: Aggregators are sites that compare quotes from different insurance companies. The service is often supplemented with general information on products as well.

THE INTERNET AND INSURANCE: IMPACT AND IMPLICATIONS :The Internet and life insurance: impact and implications Current position of Internet usage by life insurance companies Stages of incorporation of Internet into existing businesses can be broadly categorized into four main stages. Web Presence Stage To obtain on-line quotes on a contract that they may be interested in and the activities of the company are largely targeted activities. However there is no processing of the information past this stage and a customer must obtain an application form to process the transaction any further. Interaction Stage This is where a company uses web pages to provide information about their products and services i.e. corporate information, to include financial statements and balance sheets. This stage is very basic and apart from raising brand awareness, there is no real significant impact and incorporation into existing businesses. Transaction stage This is where the company has enhanced information technology and may even have facilities for customers to place orders and transactions Enaction stage Here the company has used the net and IT, to redefine their business and are known as e-enabled businesses. The emphasis is on interactive customer relationship management and full integration of Internet facilities into the company. An example of such a company might be Cisco systems. Currently most companies are in the interaction stage and thus need to upgrade their business value by making the Internet an integral part of their business value and despite the insurance industrys hesitancy to embrace the Internet as a channel for distribution, the outlook over the next five years is very positive. While the online insurance marketplace represented only about $1.9 billion in premiums ($1.6 billion net-influenced sales and $0.3 billion online sales) in 1999, this market is 7 expected to grow to $11.1 billion in premiums ($7 billion net-influenced sales and $4.1 billion online sales) by 2003. Implications for life companies Survival of the fittest One possible impact of the Internet in the future will be the position whereby only a small number of companies shall exist owing to economies of scale in commoditization. Having established a strong brand, their support services for their products will be diverse and be innovative and technological. Inclusion a mutichannel distribution strategy along with bundling a variety of secondary related products will help them to provide insurance products for both the long and the short term. These companies will be the result of the merger and acquisition of several existing financial companies and may be a global venture. Profit margins although deliberately kept low will exist and the emphasis shall be on high volume, minimum unit cost sales, with heavy investment of capital in advanced technology. The target sector will be the average person who has relatively simple insurance needs. Customers may find that loyalty discounts exists and they shall be quite happy to purchase other products from these big market players. Specialisation Here each company will choose to concentrate on their core business competencies outsourcing non-critical components and leaving the distribution of their products to independent firms, such as supermarkets, who have a wider consumer base. There shall be a trend towards a virtual office environment. Communication between manufacturers and distributors (B2B) would be by using extranet facilities and allow one to one marketing. It will be imperative, from a competitive point of view, for insurers, to offer online transactive services and to participate in B2B online exchanges. On the positive side, the expansion of this B2B ecommerce should result in cost-savings for policy administration. The industry would see a deregulation with branding and diversity of the distributors customer base becoming key sources of competitive advantage.

White label products would become increasingly common as competition increases and new players emerge. The resulting effects will be the demise of many small and medium sized companies and a reduction in the number of Independent Financial Advisors. Team as well as self-education support in the form of information available to the customer on the Internet. As innovative products and quality of service become overriding issues, administration becomes complex and expensive and indeed customers may choose to forms C2C alliances to sell second hand endowments, for example. A Niche scenario As the number of people surfing on-line increases every day and wealthier and more educated customers display sophistication about them a niche market might develop in the future to meet the complex financial requirements of such customers, who have complex financial needs. These needs will include continual personal expert advice through channels such as Independent Financial Advisors or a Direct Sales Force Team as well as self-education support in the form of information available to the customer on the Internet. As innovative products and quality of service become overriding issues, administration becomes complex and expensive and indeed customers may choose to forms C2C alliances to sell second hand endowments, for example. The Internet and other markets: impact and implications Impact on insurance brokers The market in which insurance brokers operate is very diverse. Consequently, the potential of e-commerce is also diverse. An investment broker will advise on which type of investment product or investment fund matches a customers risk tolerances and personal circumstances, including tax issues. These factors are variable and hence the broker is, from a business point of view, in a good position. Moreover, customers are aware that insurance is a necessity and not a luxury and hence are prepared to take time to seek advice in relation to a lower-cost best value approach. Within the corporate market, brokers are aware of the importance of a best value approach in terms of cost and creditworthiness. Brokers also advise on corporate pension issues in terms of selection of investment managers and assessment of solvency risk. Direct dealing insurers however, who promote cutting out the middleman, are replacing the role of the non-life broker. Moreover, the position of the smaller retail insurance broker is very different to their larger competitors. By a combination of web-based marketing sites and the facility of transmission of data between systems using a standard interchange facility may facilitate low cost electronic trading for brokers which may be paramount to the survival of the smaller broker. Webenabled TVs would increase the potential market and thus provide even greater savings. Also Internet usage allows an alternative to the traditional manned claims desk by allowing free exchange of information on claims procedures. All, however, face the threat of disintermediation and broker commission rates are under threat. This has been partially due to the Internet, as customers go direct with the underwriters. Brokers have responded to this by increasing the range of risk management services that they offer. However, this still does not deal with the issue of the Internet being responsible for edging them out of the market altogether, as the development of a Universal Electronic Data Interchange allows communication between customers and insurers that is more direct. Not all is bad news. Indeed the Internet can be advantageous for the broker in terms of providing them with a faster more cost efficient method of transferring information globally and hence enabling them to pass on the savings to their customers and hence attract more business. The Internet is also changing the role of the broker from an intermediary to an

infomediary who conveys information to the customer. As markets become increasingly dependent on standardised information such as the FTSE indices, the broker becomes the supplier of information that affects these indices. In essence, the Internet could speed up trends that are already present in the market. If this is the case then only those brokers, who are continually re-evaluating their role and its changes due to the Internet, will be able to reap the full benefits. Indeed ignorance of this technology may result in significant consequences. Implications for reinsurers This topic is somewhat difficult to address, as reinsurers have minimal Internet based activity. The problems they face are different to brokers as they are not involved so much in the transfer of information and they are more the risk bearers. The ease of information 10 sharing allows customers accounts to be continually monitored by reinsurers. It will also mean that they are up to date, thus making renewal simpler. Moreover, this data is easily manipulated and stored thus decreasing administrative costs. Within the London market this advantage is readily apparent with organisations such as Lloyds enjoying the increased efficiency gain. However, the Internet facilitates competitors in the reinsurance industry such as the Bermuda reinsurance centre. These centers have benefited greatly from the impact of the Internet as distance and location has been a traditional barrier to entry. Furthermore, such centres are in anideal situation to postulate legislation for newer forms of e-commerce that would complement their existing tax position and hence generate even further business. These competitors have undoubtedly affected the traditional market share that Lloyds enjoys and thus it is imperative that such points should be considered. 11 POTENTIAL EFFECT OF E-INSURANCE ON INSURANCE INSDUSTRY Insurance and the broader area of financial services are industries where electronic commerce will play a significant role. These information-intensive industries are fertile ground for the play of forces that have spawned e-commerce. The evolution of the use of ecommerce by insurance companies and intermediaries raises a number of issues with respect to the impact of this technology on the industry and its regulation. Any discussion of the impact of e-commerce on insurance must address some of the issues affecting the major players in the insurance electronic marketplace1: Insurance company (Insurers), Consumers, Insurance agents, Other service providers, and Government /Society (through the supervisory authority). Each group has a direct interest in the evolution of the electronic market. Each is affected to some extent by the technological change that is revamping electronic commerce. The interests and roles of these different stakeholders must be addressed so that change is promoted and managed effectively, rather than impeded by those that feel threatened by it. Effect of E-commerce On Insurance Companies Insurance companies have regarded the Internet mainly as another channel of distribution for their products. Compared to online stock brokerage and online banking, development of the Internet in the insurance industry has been somewhat cautious. Websites mainly serve to provide information about the company and its products. Many insurers especially in developing economies have not seized the opportunities created by

ecommerce for making all business processes more efficient, beginning with the online 12 sale of policies. But the growing number of those who have embraced the technology is most encouraging . There are some factors, which make the online selling of insurance products difficult:1. The complexity of some products, e.g., tax-efficient life insurance policies, increases the consumers need for specific advice. It has not yet been possible to automate the provision of information; although it can be assumed that continuing advances in technology will create new opportunities for automated solutions. The complexity of many insurance products can often be reduced by design modifications. 2. In many cases, it is difficult to standardize claims settlement for example, as this involves a large amount of investigation and decisionmaking. This process often involves people and companies who are not in a contractual relation with the insurer. 3. The Internet is particularly suitable for products where contact with the company is more frequent. Insurance is usually taken out infrequently, every couple of years or even once in a lifetime. Once a policy has been concluded, with some types of insurance the insurer and the policyholder have barely any contact, unless an insured event occurs. Also, existing insurance policies can often only be cancelled with a certain amount of effort. This makes the switch to an Internet insurer more difficult. 4. Many consumers still view the Internet as an insecure medium. This prevents large transactions being concluded via the Internet, and it deters the transmission of confidential information, both of which are essential aspects of insurance policies. 5. In personal line especially, regulatory hurdles make Internet distribution difficult. For example, as e-commerce increases the number of cross border transactions, licensing requirements in all jurisdictions where such transactions occur also apply. Competition and Market Penetration The Internet enables new entrants to the market to avoid the expensive and lengthy process of setting up traditional distribution networks. E-commerce lowers market entry barriers and increasing competitive pressure in the insurance industry. In the past, many insurance products have been distributed mainly through captive agents or independent brokers. Since enormous investments are needed to build up such a distribution network, established insurers were generally well protected against new 13 competitors. Now the Internet provides new companies with instant access to the insurance market at an affordable cost. Market transparency is improving, since product and price information is more readily available through the Internet. Lower market entry barriers and higher market transparency are combining to intensify competition and force prices down. This also makes it increasingly difficult for insurers to pass the comparatively high costs of traditional distribution onto the prices it charges for its products. In life insurance especially, online distribution may change the nature of the competition. Acquisition costs traditionally play a key role here. They often come to more than 100% of the new premiums, and are only amortized over the course of a long policy term. For new entrants to the market, such a big cost burden at the start of the insurance contract is a major barrier to entry, as they are unable to draw on a constant premium flow to finance new clients acquisition costs. If Internet insurers manage to reduce these acquisition costs significantly, it would

become far easier for them to break into the market. On the other hand, Internet insurers need to attract clients through advertising, and this entails substantial costs as well. Furthermore, a certain amount of advice is normally required for many life insurance products, because of their transaction volume and complexity. Even if ecommerce lowers market entry barriers, start-up companies in particular need to become sufficiently well known if they want to win significant market share. Another important factor, particularly in the insurance industry, is that the client must have confidence in the insurance company. Online sales still carry an element of uncertainty for many clients. This is mainly because of unresolved legal aspects of online policy conclusion and premium payment, as well as concerns about data protection. Therefore, insurers with an established brand name have a competitive advantage, as they naturally command a greater degree of confidence. New companies need to build up this goodwill from scratch, and this usually involves high advertising and marketing expenses. The current disadvantage experienced by new Internet insurers should gradually become less important over time. First, confidence in the Internet as a distribution channel will improve as its penetration increases. Second, newcomers will be able to build up their weak reputations through secure ratings or alliances with well-known Internet brand 14 names. Successful alliances for Internet insurers are feasible with online banks or online brokers, as well as with quality portals such as AOL, Yahoo or Microsoft. Ecommerce enables established companies in other sectors to cross over into insurance. Lateral entrants from other sectors can break into the insurance business with the help of the Internet. The most likely candidates are companies who already have a wellknown brand name and strong customer loyalty. These companies, such as banks or internet providers, could set up new, efficient e-commerce systems, without the burden of legacy systems or conflicts with other distribution channels. They could also transfer their brand name to the insurance industry and utilize existing sources of finance. Benefits for Insurance Companies The new e-commerce capabilities bring significant efficiency improvements in distribution, administration and claims settlement. The biggest cost block for a nonlife insurer is usually claims payments. Online distribution brings a direct reduction in distribution costs. Additional savings potential comes from using e-commerce to automate business processes. This in turn brings reductions in administration and claims settlement costs. Modern information technologies also bring cost savings for claims 15 payments. For example, better data analysis may improve risk selection, while the detection of insurance fraud and tighter control by partner companies can help to reduce claims costs. In life insurance, claims costs are much less than in non-life insurance, because of the high savings component. Distribution costs represent the biggest cost block, which means that the bulk of the cost savings can be achieved in distribution. However, many life insurance products require a lot of advice, and are therefore only partly suited to pure Internet distribution. For traditional insurers, the need to adapt to the new e-commerce opportunities not only entails direct cost, in the

form of substantial investments in the new information and communication technologies, but also the indirect costs of having to change their existing business models. Companies have to revamp their business processes and corporate structures, which leads to many different internal conflicts. Internet marketing threatens traditional distribution channels and therefore tends to meet with strong resistance within the company. Many insurers avoid this problem in the short term by not passing on to the customer the efficiency gains created by electronic distribution. In some cases, the salesperson even receives a commission if a client in his or her area takes out a contract online. Some insurers pursue a dual strategy and try to establish a foothold in countries where they have no significant market share by offering ecommerce solutions while still maintaining the traditional distribution channels in their home market. This is not a strategy for long-term success; however, as the potential efficiency gains in the home market are abandoned. Insurers selling over the Internet will have a substantial cost advantage over the lifetime of a customer, relative to non-internet based insurers these efficiencies are primarily driven by reduced sales costs, lower customer service costs, and cheaper and better information gathering about the customer. At the same time, the use of e-commerce will demand the progression and integration of various components of insurers information systems, many of which are still wedded to legacy mainframe platforms that are becoming increasingly inefficient. According to Ernst and Young (1999), the average traditional transaction costs is $90, while the average transaction cost through a web enabled customer portal is $4.44. 16 Figure shows the costs of traditional vs. online purchasing processes. The structure of many insurance markets and the role of intermediaries (e.g., insurance agents) will change dramatically. Currently, there are insurance malls that allow one to obtain quotes from a number of companies almost instantaneously. If the major functions of insurance agents have been information transmission and facilitating transactions, ecommerce will make these functions much easier and less expensive for insurers and consumers. Certain agent functions will be disintermediated1 or replaced by an electronic market. The traditional agent role will likely be diminished for standardized, commodity like products such as term-life, homeowners, renters, and auto insurance. Electronic commerce will further the decreasing use of the independent agency system relative to exclusive agent and direct-response distribution systems. At the same time, the insurance agents role may be enhanced in advising consumers on how to optimize their insurance purchases and in dealing with insurers in areas such as claims settlement, potentially valuable services for consumers. Another interesting aspect of the economics of the Internet is the existence of so-called network externalities. That is, the network becomes more valuable the more people are connected to it. With the increased value of connection comes the decreased cost of 17 distribution. Products with relatively high fixed costs and low value (such as travel, credit, or burial insurance) are relatively expensive to produce. Those customers pay a high price per dollar of coverage for these products. The Internet allows the

disintermediation of this relatively high overhead for these low face-value products. This means that prices can be lowered and more insurance sold by reducing the transaction costs of the exchange. Increased access through e-commerce also may prompt some consumers to purchase broader, high-value insurance products to manage their risk Top Obstacles And Concerns For Insurance Companies In view of trends concerning the growth of e-commerce in the general economy, it is interesting to consider what the impact has been and is likely to be for the insurance industry in particular. Although other online financial services have already taken off quite vigorously, the insurance industrys involvement with and commitment to electronic commerce lags far behind competitors in the banking and brokerage industries. Top obstacles for the insurance industry: Resistance to change Threat of agent/broker disintermediation Lack of technology/regulatory hindrances Threat of insurance company disintermediation Lack of industry vendor solutions Top ecommerce concerns: Costs/impacts of moving off legacy systems Impact of legacy channel investments Lack of skilled information technology personnel Lack of e-business strategy Lack of enterprise technology architecture It is widely recognized that ecommerce will enable insurers to significantly lower costs, realize business process efficiencies, improve customer service and brand loyalty, and enable insurers to better position themselves competitively. 18 However, insurers cite as top obstacles factors such as resistance to change, threat of agent/broker/company disintermediation, lack of technology infrastructure, regulatory hindrances, and lack of industry vendor solutions. Insurance Products Suitable For ECommerce Not all insurance products are equally suited to Internet distribution. Their suitability depends chiefly on how much advice is required. The more complex the product and the bigger its financial scale or transaction volume, the greater the clients willingness to pay for advice. Products that are particularly suitable for marketing on the Internet are those that can be described and rated using a small number of parameters, such as motor, private liability, homeowners, household contents and term life insurance. These types of cover are also suitable for online price comparisons, which make the Internet even more attractive for potential clients. Ecommerce also will have implications for the sale of more unique and complex insurance and reinsurance products particularly those purchased by commercial enterprises. These transactions rely heavily on information and communication and ecommerce can make this process more efficient. At the same time, the sale and servicing of complex insurance products will require different kinds of networks appropriate for individualized transactions. Security will be an important consideration here given the large amounts of insurance and proprietary information at stake. Products that are not necessarily suitable for online marketing include most life and pension products, health insurance and many commercial lines. But even these products can benefit from the huge opportunities for quality and service improvements presented by ecommerce: If clients already have extensive product and risk expertise, the Internet can still be used as a marketing tool, despite the high complexity and transaction volume. Internet team room, for example, could support the consulting and negotiation process. Even if the conclusion of the policy and the associated advisory services occur with little or no online support, policy administration or claims settlement can still benefit from such support. For example, a client may seek independent advice

19 when choosing a private health insurer, but is prepared to use online facilities to process and settle doctors bills. Brokers can use e-commerce solutions to bundle together the needs of a large number of clients, handle the administration themselves, and then forward the data to the insurer. Modern communication technologies allow more personalized products, faster response times, greater flexibility in covers and better support for risk management. However, there are ongoing debates about the suitability of individual insurance product for e-commerce. The conventional wisdom is that obligatory, very simple or low-price products do not require a sellers push and thus can be distributed through e-commerce. The greatest demand is for motor vehicle insurance, followed by health, homeowners and term life insurance. The very desired product to be sold on the net is shown in the Figure, whereas insurers selling online directly to clients are offering a very restricted portfolio of products. 20 New Value Creation for Insurers The use of Internet technologies in the insurance industry is not just limited to distribution, but also has a fundamental impact on almost all other production areas. The integration of all business processes in a unified information flow significantly reduces the cost of gathering and analyzing information. Since the efficient processing of information is a key factor for insurers in the creation of value, the use of new information and communication technologies enables them to revamp and rationalize key links in the value chain. Newly established insurers are not burdened by legacy business systems and are able to exploit modern information and communication technologies in order to set best practice benchmarks for the entire industry. This will exert significant pressure on established insurers to adapt their business model to the changing requirements for greater efficiency, speed and quality of service. In the past, the value creation of insurers has centered on the aspects of distribution, administration and claims settlement. In these areas there are many routine tasks that could be automated through the efficient use of information and communication technologies. The task would therefore embody less value creation. In the future, insurers will have to create a greater proportion of their added value through a higher standard of service. PreInternet and Internet-enabled Insurance Internet and e-commerce technologies are already changing the structure of the insurance industry. The magnitude of the change can be best appreciated by comparing Figure 2.10 and Figure 2.11. As shown in Figure 2.10, the pre-Internet insurance world is largely linear, with individuals (personal lines) or businesses (commercial lines) moving risk to insurers, sometimes directly, but more often through the intermediation of brokers and agents. Intermediaries are responsible for processing more than 90 per cent of all premiums collected. The application of information technology increases diagonally down the chart and is most prevalent in the reinsurance sector. 21 Figure 2.11 visualizes an Internet-enabled insurance industry and market. Its main characteristics are that technology can be evenly distributed and information intermediation is no longer a necessity but a preference. Gone is the linear travel of payments and risk information from client to (re)insurer. Buyers of personal and

commercial insurance and reinsurance can choose to pursue multiple paths to acquire price and policy information. Insurers and reinsures have extended their reach through their online incarnations. Brokers and agents may do so as well. Using data standards can positively facilitate the resulting increase in communication and data exchange. 22 Agents and brokers were an irreplaceable link in the pre-Internet insurance industry. Agents intermediated sales of policies to non-businesses, such as personal life insurance, motor vehicle insurance, and homeowners insurance and various savings and investment schemes. They also intermediated insurance for small and dismissed business. Brokers intermediated insurance between large organizations, or businesses, and insurers, as well as between insurers and reinsures. Their economic role was to enhance market efficiency by diminishing information asymmetries between buyers and sellers caused by any of the following situations : The insurer is not fully informed of the scope of the demand, or the insured is not knowledgeable about the selection of insurance policies and prices available; or The insurer has not fully mastered the technical and economic details of the proposed risk, or the insured does not clearly understand the insurance policys proposed terms and conditions. In practice, agents are generally authorized to sell policies from only one or a few insurers. Further, the terms and policy wordings of different insurers, even if distributed 23 by the same agent, often do not match. To clarify these differences and enable crosscomparisons is perhaps the most important role of the agent. Outsourcing of Insurance Functions New information and communication technologies are making it easier for insurers to break up the value chain. Individual functions, such as underwriting, policy administration, claims management, investment or risk management can be optimized within the business divisions or outsourced to a rapidly growing number of specialized external providers. Claims management, underwriting and some parts of risk management are particularly suitable for outsourcing to specialized providers. Rising cost pressure will force traditional providers to review their fully integrated business model. Traditional insurers perform almost all stages of the value creation process themselves. However, a number of functions in the value creation process may be outsourced or assigned to specialized service providers at greater efficiency and lower costs. Examples are listed in Figure 2.12. It, also, shows the value chain of a typical insurer. Traditional insurers perform almost all stages of the value creation process themselves. The bottom half of the figure provides a list of specialized providers that handle individual functions in the disintegrated business model. This would allow insurers to concentrate on those links in the value chain they enjoy a competitive advantage(s) . 24 Effects of E-commerce On Customers E-commerce opens up new ways of reducing costs. Simultaneously hardening competition will ensure that these benefits are passed on to the consumer. The Internet offers a number of possibilities for increasing the value creation for consumers by means of increased transparency and improved

services, not just in the area of sales. Consumers might believe that they can get different and better service though the Internet. This can be seen today in a number of limited examples. The Internet user, usually an above-average earner, well informed and price conscious, likes to have several quotes to compare. Consumers can obtain quotes for a number of companies. This is the idea behind the strategy of aggregators, also known as navigators, supermarket sites or malls. In some cases, consumers can see rating agencies evaluations of insurers. The Internet and outsourcing can provide additional cost savings to the consumer. By removing layers of inefficiencies, technology can bring the customer closer to the insurance contract. Consumers will also obtain price comparisons for relatively generic contracts. For example, for many online insurers, they can compare prices for annual renewable-term life insurance. Or, they can compare insurers rates for a standard set of auto insurance coverage for a given vehicle and driver characteristics. 25 Consumers also could have access to internal records to see where their claims are in terms of payment, when their next annuity payment is due, and how their mutual fund is performing. This can be done without calling a burdensome voice-mail system, being put on hold, or finding a person who can give them the desired information efficiently. In addition to personal lines, commercial lines are also likely to benefit from innovations over the Internet. Large consumers of insurance could build or participate in outsourcing market auctions. Certain relatively standardized blocks of business (fleet auto or workers compensation) could be put up for bid. This would disinter-mediate the broker or agent from a number of transactions unless they were the real market makers. At the same time, intermediaries (i.e., brokers and agents) could provide additional risk management advice to commercial buyers and qualitative information about different insurers. E-commerce can bring a substantial improvement to service quality.).Advantage are: Continuous service (24 hours/7 days) Depth of available information, such as price comparisons, product information No restrictions imposed by national borders Faster response times Anonymity More transparency and speed of claims management . These advantages virtually constitute a catalog of requirements for insurers successful Internet presence. At present many websites are cluttered and difficult to navigate. Many insurance websites do not allow price comparisons. If a client wants to compare quotes from several companies, the client still has to fill in a questionnaire with each insurer. Insurance clients may use the Internet to place a large risk themselves. These reverse auctions are particularly suited to big corporate clients who put their insurance requirements out to tender and then select the most competitive offer. A purchasing group could also use this facility; an automobile association, for example, looking for the cheapest insurance cover for its members. Although individual policies could be put out to tender in personal lines, this would however require very efficient search engines or aggregators on the part of the insurer, in order to keep the search costs for such small risks within reasonable limits. 26 INTERNET AND CURRENT ISSUEE IN THE INSURANCE INDUSTRY The Internet is acting as a catalyst to accelerate change in many of the areas is identified in the section before. In the following, role and effect of Internet on these issues are given Globalization The Internet is a global medium and increases the transparency of

all products including financial services products. The key and most difficult aspect, of entering a foreign market is securing distribution channels. The Internet provides global distribution potential, though there are still a number of barriers including tax regimes, regulatory requirements, brand and cultural issues. New Entrants Low barriers to entry on the Internet facilitate new entrants. In the financial services industry the major entry barrier is distribution, which the Internet can overcome. The internet emphasizes the importance of competency in direct marketing techniques and branding which encourages retailers to enter the market. Regulation and Deregulation The Internet acts as a push mechanism for the government to pressurize the industry into providing alternative cheaper solutions such as stakeholder pensions. At the same time the Net pulls regulatory change, as consumers become more demanding due to its transparency. The Internet may lead to products becoming more customer-centric, with few boundaries between say banking and insurance, which will influence the regulatory environment. Socio-cultural Changes The Internet itself may have profound changes on working and living patterns, making working lives even more flexible. This will influence the financial products people want to buy, and when they want to buy it. For example long-term regular premium products may no longer meet customer needs. 27 CHALLENGES Due to the complexities involved in insurance processes, many companies fear that the upfront costs of implementing an e-business solution may be too significant to warrant the return on investment. The highly complex, detailed and multi-faceted nature of the insurance business may also make the execution of these services appear overwhelming: The insurance cycle consists of numerous, detailed steps requiring extensive personal data to complete many processes. The work consists of the generation of printed policies, priced by compiling and analyzing reams of data, and then serviced with monthly paper invoices for the lifetime of the customer or until a claim must be processed on paper. The multiple variances and unique requirements among states and jurisdictions require additional workarounds. Operational challenges are compounded by the ongoing struggle for compliance with numerous, ever-changing regulations. After attempting to apply hardware and software packages that were cumbersome to integrate and delivered minimal cost savings upon execution, many companies have been left with a negative perception of paperless solution providers. Attempting to attain the cost savings of paperless processing, many companies subscribed to new technological solutions for core processes such as underwriting, claims payment, policy administration and correspondent support. However, now these companies are realizing that these technologies are on disparate systems supporting segmented business sectors. Without connectivity between the information, companies still rely on paper trails, data reentry and costly courier/mailing services to bridge the gaps. Because each unique database must be updated when information changes, even the most basic policy transaction can take weeks to be processed. Many proponents of e-business services are touting expensive new technologies and difficult alterations to time-honored processing workflows. This has led to the perception that, to eliminate paper, businesses must first buy in to something even more expensive and difficult to implement. Fortunately, this is not the case when companies consider these requirements before moving to an e-business services solution. 1

28 REGULATORY AND SUPERVISORY ISSUES AND INSURANCE ON THE INTERNET The development of e-commerce, particularly on the Internet, presents new challenges and concerns for insurance regulators and supervisors from developed, as well as developing countries. 1. Background The establishment of Internet-based insurance businesses offers both individual insurance consumers and insurers and intermediaries potential efficiency and cost benefits. Einsurance improves information symmetry and market transparency conditions and may enhance competition that can lead to reduced prices. For insurance regulators from developing countries, Internet-based supervisory tools may increase efficiency by streamlining and speeding up reporting from insurance enterprises. The possibilities offered by Internet communication can also greatly improve the delivery of information to the public, insurers and local and international investors regarding market conditions, rights and obligations. Also, secure Internet communication could be a major tool for fostering international cooperation among regulators to improve the security of insurance markets. From the perspective of a supervisory authority in a developing country, major concerns pertaining to e-insurance relate to cross-border activities and how to safeguard the interests of consumers if they contract policies in other jurisdictions. However, as most countries continue to require local licensing for insurers offering products in the domestic market and prohibit cross-border activity, cross-border trade in personal lines and mass insurance products has not expanded. Also, the cost of establishing e-insurance platforms, along with related marketing costs, has deterred financially unsound operators from establishing a significant web presence. E-insurance provides a new channel for distributing insurance products that accelerates transaction processes, creating more opportunities for fraud. It imposes on supervisors the burden of developing supervision methods that permit quick responses to threats to the interests of insurance consumers. However, the emergence of e-insurance does not fundamentally alter the principles on which todays insurance supervision is based. For regulators, the essential question relating to e-insurance, as well as to other distribution methods, is how to protect 29 insurance consumers. Supervisors have therefore approached e-insurance operations in the same way they supervise business and market of traditional insurance operations, including rate monitoring, surveying the marketing of insurance products, responding to public complaints, conducting consumer education and fraud monitoring. To tackle the particularities of e-insurance supervision, the International Association of Insurance Supervisors (IAIS) established a working group on ecommerceand the Internet. This working group has issued The Principles on the Supervision of Insurance Activities on the Internet that were approved by the IAIS at its annual conference in Cape Town on 10 October 2000. More generally, insurance supervisory authorities have the same concerns as those regulating other e-businesses, particularly e-finance businesses: business continuity, personal data privacy, payment procedures and security, electronic signatures and IT platforms. 2. Supervision_of_established E-insurance_operations E-insurance was once perceived as a distribution channel that would erase national boundaries, since a single einsurance platform established in one jurisdiction could offer insurance services globally. This has not occurred, since in most countries the establishment of a locally

licensed business is required before insurance services can be offered to domestic consumers. E-insurance platforms thus fall under the laws and regulations of the respective jurisdictions where services are offered. More precisely, existing regulations relating to market conduct determine how insurance providers may conduct their business online. Competition rules and transparency and information requirements form the core of market conduct regulations. Monitoring of rates, marketing of insurance products, handling of public complaints, consumer education and fraud are areas included under this aspect of supervision. 3. Approval_of_rates,_terms,_conditions and_contractual_documentation In many developing countries, insurers are required to file rates, terms; conditions and contractual documentation for approval by supervisory authorities before the underlying product is offered to the public .E-insurance offerings too, are governed by such Requirements. Often minimum and maximum rates are established for compulsory individual insurance products such as motor vehicle insurance, workmens compensation 30 and some fire exposures. This is making it difficult for e-insurance operators to undercut prices offered by traditional competitors. Supervisory authorities should pay particular attention to the terms, conditions and contractual documentation that are presented on insurance providers websites. The supervisory authority should ensure that the contractual relationships have a legal basis that is not prejudicial to the interests of the insured, since the insured does not generally participate in the negotiations relating to policy clauses. In the case of life insurance, supervisors should require that certain clauses be contained in the policies published on websites. This includes clauses such as incontestability, under which the insurer, after a certain period, can no longer contest statements made by applicants. Also, a clause on no forfeiture should be shown. Such a clause protects the cash value of the policy and provides for a grace period after the premium is due, during which the policy cannot lapse. Such a clause is particularly pertinent for Internet transactions where contracting and payment cannot occur at the same time. In the developing country context, because of a general lack of insurance education and in order to allow consumers to make informed decisions, a large degree of comparability between contracts offered over the web should be maintained during the initial phase of establishing e-insurance operations. Two other problems to be addressed are that (a) Because of different hardware and software configurations, information presented on the web may look different to different viewers, and (b) Computer proficiency may lead to an unintended contractual result. Certain guidelines regulating basic website content may be needed: for example, companies could be required to inform who is the supervising body and who are the final risk carriers in the cases where purchases are made from an agents or brokers website. Electronic signatures are important not only to confirm the existence of a contract but also for specifying the starting date of the purchased insurance coverage. The validity and effectiveness of a contract may be influenced by failures in data transmission. A consumer may be under the impression that a contract is in place, while the insurer may have received corrupted data that does not allow a policy to be issued. The existence of a problem may not be obvious until the insured attempts to make claim under the nonexistent policy. Also, after a policy takes effect, it may be necessary to cancel, change or

31 complement it. Possible reasons for such an intervention include the discovery of an error or a fundamental change in the insureds risk profile. In such a case, it may be prudent to ask whether online insurance products should carry a return or exchange of goods policy and what kind of security is needed to prevent accidental or unauthorized cancellation. Also, supervisors should determine whether an insurer posting offerings on the Internet is discriminating against certain categories of consumers. The traditional roles of supervisors - to ensure that compulsory mass products or personal lines are affordable and available, and to ensure the fair treatment of consumers - should be maintained with regard to products offered on the Internet. 4. Marketing_of_E-insurance_products_ Supervisory bodies should preserve the fairness of information presented to consumers and should attentively monitor the marketing of e-insurance products. Advertisements should not be misleading, past experience should not be used to predict future results, and products should not misrepresent benefits. Often insurers differentiate their products from those of competitors by inaccurately describing or overstating advantages and benefits. When an intermediary (an agent or broker) offers insurance products over the Internet, such a seller should be required to obtain a license before establishing a presence on the web. The licensing procedure should require the intermediary to undergo competence tests, and the its e-insurance platform and website should be screened in the same way as those established by insurers. 5. Combating_fraud_ Supervisors and regulators typically maintain that sales over the Internet increase opportunities for insurance fraud, money laundering and the mis-selling of insurance products. Some criminal groups engage in mass subscription of single policies under false or given identities, redeeming the policies quickly thereafter in order to launder money. As no direct contact is established between parties to an insurance contract established via the Internet, e-insurance is an obvious target for money laundering operations. Supervisors should ensure that e-insurance providers have sound mechanisms in place for authenticating the identity of policyholders. 32 Also, to trace unsound or fraudulent operators and consumers, it is paramount that supervisory authorities establish communication networks among themselves to share information on such perpetrators. E-insurance, like other e-finance businesses, is at risk from both internal and external security threats (infiltration, corruption and theft of customer data files). Increased connectivity, in particular the connection of internal networks with the Internet, introduces new vulnerabilities that require the deployment of more advanced and effective security tools. Regulators should take steps to ensure that einsurance providers have the necessary security in place to protect the integrity of information and the privacy and confidentiality of policyholders data, whether the data storage is performed by the e-insurance provider or outsourced to Internet service providers. 6. Public_Complaints Internet-based reporting and monitoring of public complaints could prove an indispensable tool for insurance supervisors. In a number of countries, formal offices within the supervisory authority have been established to respond to insurance customers' complaints. Their purpose is to streamline administrative procedures and sometimes to serve as an alternative to judiciary proceedings. For supervisors, the monitoring of complaints provides a very useful source of information for holding insurers responsible for their offered services. To

resolve complaints, supervisors should facilitate communication between insurers and complaining customers. They should make sure that companies have complied with the law and have responded promptly and fairly, and they should inform insurers of problems that customers experience with contract language, customer service or technical aspects of the website. Also, websites posting insurance offerings should give contact information for the official authority dealing with consumer complaints, and the site should clearly describe the mechanism for dispute settlement. One of the simplest and most useful Internet tools is the FAQ (frequently asked questions) page. A well-structured, comprehensive and easily navigable FAQ page can satisfy the vast majority of public queries. 7. Consumer_education To build consumers awareness and understanding of insurance and to improve market efficiency, consumer education is paramount. E-insurance offerings should include 33 educational material to help consumers understand the products they buy. Also, supervisory authorities should provide guidance and educational material on their websites for consumers interested in purchasing insurance online. Insurance laws, regulations and statistics can be made more easily and widely accessible through the Internet. Most Latin American and Asian as well as many African and Central and Eastern European insurance supervisory authorities have already established websites designed to inform the public. 8. Supervisory_efficiency The advantages that the electronic format offers for compiling and processing data allow supervisors to devote more time and resources to analyzing periodic financial reporting by insurers. Many supervisors in developing and emerging markets have dedicated web sites for the submission and processing of reporting from insurance companies, and several have developed Internet-based solutions. The Egyptian Insurance Supervisory Authority is offering a financial reporting application, on a cooperative basis to its counterparts in other African countries. Whenever an insurance provider establishes an einsurance operation in a country, a continuous dialogue should be established between the einsurer and the regulatory body to resolve areas of uncertainty before the operation is launched, and to contribute to regulatory development. Authorities should continually adapt their insurance legislation to the needs of their insurance consumers, taking into account shifting consumer interests. 9. Supervising_cross-border Einsurance_activities Among factors that have inhibited the development of crossborder e-insurance are the wide variations regulatory and supervisory requirements between national and state jurisdictions. If an e-insurance operator wants to offer services in several jurisdictions, it needs to undergo obtain licenses and comply with the respective jurisdictions supervisory, tax and other authorities. It may be difficult to incorporate all the different and sometimes contradictory requirements into a single e-insurance platform. Recent studies have concluded that the actual differences between national approaches are so extensive that e-insurers are unlikely to do business on a multicountry basis in the near future. A more likely development would be increased targeted penetration of 34 national markets, with whose regulatory and supervisory requirements e-insurers are familiar. To avoid being indicted by a national supervisory authority for unlawfully offering insurance services in that national market, e-insurers should clearly indicate

on their website their identity (address, home country) and the jurisdictions in which they are legally permitted to provide insurance services. Also, e-insurance providers should post strong specific disclaimers and risk warnings directed to citizens of countries where the e-insurer is not authorized to operate. The home country supervisory authority should oblige e-insurers to post such disclaimers and warnings. The growth of cross-border e-insurance will necessitate a harmonization of regulatory and supervisory frameworks, the recognition by insurers of home country regulators and of home country complaints and dispute settlement mechanisms. Thus it will require extensive cooperation between regulatory bodies around the world. Such developments could be part of international negotiations on the opening of national financial markets such as those conducted under the aegis of the World Trade Organization. 35 CONCLUSION It is evident that the insurance industry is gearing up for e-insurance. Insurers, intermediaries and reinsurers are investing in IT and trying to determine the proper business model to follow. The fundamentally information heavy nature of the insurance product will eventually make full e-business treatment a workable option provided that efficiencies do materialise and are passed on to consumers. To succeed as einsurance, it has to be cheaper and better than the traditional offline option. Today IT is widely used to handle communication with intermediaries, policy processing, premium notices, market analysis, sales forecast and accounting. Clearly, insurance is an information-intensive enterprise and is thus suitable for ecommerce. Many insurers and intermediaries have realised that e-insurance is not just about distributing insurance products on the internet and have incorporated their e-business plans into their overall business strategy.Adopting e-insurance and introducing change in IT systems is an incremental process, not an event, and should stem from a fundamental need to re-engineer and modernise business processes in order to better respond to client demand, as well as to the clients own adoption of internet technology. Substantial investments may be required and open communication with stakeholders and policyholders should be a given. Insurers should focus on growth as well as on cost reduction. Efficiencies may materialise, but forecasts and calculations must not undermine the costs of online client acquisition, retention and marketing, in particular if the insurer is of the internet pure-play type. Website functionality is an issue in its own right, requiring a proper definition of customer and product profiles. It also needs precise interlocking with powerful backoffice IT. Insurers and intermediaries need to examine how they can achieve the most possible value added through an online presence. A fundamental problem of all insurance websites is the low rate of repeat visits by existing customers. Increasing repeat visits, as well as new traffic to the insurers website is essential. Unfortunately, there is no clear recipe for success and einsurers may have to look very closely at the internet habits, demographics and lifestyles of their clients to find answers. Once improvements are achieved, the existing e-insurance infrastructure must be used to market financial products related to a customers insured assets, within the 36 limitations set by insurance and financial regulations of the market. Regular updates are a requisite feature. Online traffic should be analyses from the point of view of how

it can be converted to income and whether the website and the general IT infrastructure are well matched. The same applies to insurance supervisors and regulators. The power of the internet should be harnessed to improve consumer protection and education and awareness building. It can also be used to receive and process periodic financial reports, thereby freeing up resources for supervising management and insurance practices. Also, national insurance supervisors can use internet technologies to communicate among themselves and co-ordinate activities related to preventing fraud and money laundering. E-insurance faces three serious challenges. The first is to redefine the relationships between insurers and their agents and brokers. The second is to bring existing pre-internet computerised data systems out of the back office and online, onto the World Wide Web. The third challenge is to interface the business process of insurance to a fully functional website given the fact that most existing customers are unlikely to make frequent repeat visits to a site. While ecommerce has not changed insurance products greatly, insurance companies and brokers need to be innovative in their use of ecommerce channels to ensure that they continue to meet public need and also to address public concerns (especially regarding security). They also need to ensure that their ecommerce strategies meet the commercial threats that may arise from new the e-insurance. There is a great need to ensure that ecommerce channels are integrated properly with more conventional trading methods and the online customer relationship is managed appropriately. Ecommerce is here to stay and it is already the preferred mode of doing business around the world. Proactive steps should be taken as there is no place for laggards in this cyber world. Insurers need to realise that online insurance should not be taken lightly. These endeavors require real commitment and leadership to reap the rewards of smarter, more robust business processes. Meanwhile, it appears that insurers are unfortunately not making the best out of the web. 37 REFERENCE: Dasgupta, Prithviraj And Sengupta, Kasturi, (2002), ECommerce In The Indian Insurance Industry: Prospects And Future, Journal Of Electronic Commerce Research IAIS, (2000), Principles On The Supervision Of Insurance Activities On The Internet, International Association Of Insurance Supervisors. (www.iaisweb.org). SwissRe, (2000), The Impact Of E-Business On The Insurance Industry: Pressure To Adapt Chance To Reinvent, Sigma Series No. 5, Zurich. UNCTAD, (2002), E-Commerce And Development Report 2002, Chapter 8, United Nations Conference On Trade And Development, United Nations, New York. (http://r0.unctad.org/ecommerce/ecommerce_en/edr02_en.htm Swiss Re: The impact of e-business on the insurance industry: Pressure to adapt chance to reinvent, sigma No. 5/2000.

Schmitz, Stefan, W., (2000), The Effects Of Electronic Commerce On The Structure Of Intermediation, Journal Of Computer-Mediated Communication, 5 (3). (http://www.ascusc.org/jcmc/vol5/issue3/schmitz.htmrl). Iran ECommerce: (http://www.iranecommerce.net/articles/insurance_managemen.htm) EBusiness W@Tch, (2002), ICT & E-Business In The Insurance And Pension Funding Services Sector, The European E-Business Market Watch, Sector Report, No.5. (http://www.empirica.biz/empirica/themen/ebusiness/documents/no05ii_insurance.pdf). 38

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