On.Live Extends Insurance Companies Business Through Live On-Line Presence

Insurance Weekly News

By a News Reporter-Staff News Editor at Insurance Weekly News -- Insurance industry businesses underwrite insurance policies relating to property, casualty, liability and other general risks. In the UK alone there are over 500 individual companies covering full spectrum of insurances from legal to personal property. In recent years' whole industry is in steady growth, with prediction of annual climb at a compound rate of 3.2% in years 2016-2021. The UK insurance industry is worth around 55bn pounds in revenues and 4.2bn in profit annually. Yet in its report UK Department for International Trade doesn't foresee any substantial growth in employment throughout the industry.

Companies have to compete relying on lower costs. Such situation puts some strain on current employers, and forces companies itself to search for new trade channels to acquire new and maintain current clients. As the internet in developed countries is ubiquitous insurers are induced towards on-line expansion. But this is always expensive, especially if it comes to direct contact with advisors and something more, besides plain old chat on the company webpage. It is worth noting that in UK 31.3% of the market is divided between 4 big players and the remaining 68.7% occupied by almost 500 other small firms. For them building custom on-line system is not viable from economical and practical perspective.

Keywords for this news article include: On.Live.