Corporations Looking to Buy Insurance Online, Study Says

A new study by the Association for Financial Professionals, Bethesda, MD, said that U.S. corporations will begin to use the Internet for their commercial insurance or risk management needs over the next two years.

Only 12 percent or fewer of the participants in the study use the Internet to buy business or risk management insurance. But 49 percent said they will use the Internet to buy primary property/casualty insurance over the next 12 months, and 64 percent plan to do so over the next two years.

Respondents said the largest barriers to buying and managing commercial property and casualty insurance online is their broker relationship, security of information and administration concerns.

The survey, which was conducted in mid-March, polled corporate financial professionals who had identified themselves as having job responsibilities in either risk management or insurance risk management.

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