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Insurance sales through digital channels in Europe could reach $34 billion

Insurance sales through digital channels in Europe could reach $34 billion

Insurance sales through digital channels in Europe could reach $34 billion in 2016, more than double the 2012 value of $16.2 healthinsurancebillion.In addition, policies sold through digital channels are expected to account for 18 percent of European insurers’ total annual new business premium volume in 2016, compared to 11 percent in 2013, This was reveled by  Accenture study of European insurers.Internet superstars Google and Amazon are likely to become competitors for online insurance sales, according to predictions from life insurance and property-casualty executives polled by Accenture, a global consulting firm.The executives came from 78 European companies, but since they were commenting on digital sales trends and expectations, and since digital is global, the findings should have value to U.S. insurance professionals forming digital strategies.The overwhelming majority — almost 90 percent — are expecting competition to intensify in the insurance distribution market over the next three years, Accenture said.Where do Google and Amazon fit in? Almost two-thirds (64 percent) of the executives believe this intensified competition in insurance distribution will come from non-insurance players such as Google, or e-commerce giants like Amazon.Since both Google and Amazon conduct sales worldwide over the Internet, they already have an international infrastructure in place, making the idea of an internet firm/insurance firm partnership feasible regardless of country.LIMRA has already picked up indications of U.S. executive receptivity to alliances between insurers and alternative distribution channels of this kind.