Competition is expected to heat up within the insurance industry as more companies offer their services online, it has been claimed.
This is according to digital measurement and analytics firm comScore, which noted that an increasing number of consumers are heading online to shop around for policies, Insurance Networking reports.
"But as more consumers look to the internet to shop for insurance policies, there is an opportunity for more insurers to break into the online market," comScore director Susan Kleinman, said.
In addition to the growing number of insurers expanding their reach online, additional insurance aggregators have grown their share of the online auto insurance market, the news provider said.
This is as a result of the entrance of newcomers and the acquisition of existing sites by competitors.
Meanwhile, a recent report from Deloitte has forecast that the current low-growth environment presents a multitude of challenges for insurers, with technology expected to make the difference for many firms.
Posted by Richard Jones