Global Online Insurance Industry
The global online insurance industry witnessed 5% expansion between 2007 and 2012, according to research from IBISWorld. The industry is forecast to grow 9% in 2012 to generate $17 billion, fuelled partly by the growing number of services online.
Though most consumers still like to deal with an insurance agent to complete their insurance policies, most begin the process online. Actors in the online insurance industry include independent agents and companies serving as an intermediary to liaise between insurers and consumers by way of websites and online web portals. Intermediary bodies can charge insurance carriers a commission, and may also charge fees for value-added services.