Commercial-Lines Customers Are Likely to Buy More Online.

Almost 50% of risk managers for large corporations said they would use the Internet to purchase commercial insurance coverage in the next year, according to a survey by the Association of Financial Professionals. Currently, 12% of respondents use the Internet to buy business insurance or risk-management products, although 64% plan to do so in the next two years.

The majority of survey respondents are employed by companies generating more than $250 million sin revenues.

Obtaining information and communicating to service providers are the two main uses of the Internet, according to the survey Thirty-three percent use the Internet to obtain information and communicate with service providers about alternative-risk products. A slightly smaller percentage (29%) uses the Internet to find information about excess-liability coverage. About 16% use the Internet for information and communicating with reinsurers.

About 50% of respondents said they might purchase commercial insurance online within 12 months, and 45% would purchase excess liability during the same time period.

Respondents said their broker relationship was the biggest barrier to buying commercial coverage online. Other reasons included security of information (81%) and administration concerns (80%). The survey also found that 90% would continue to use their broker or agent in addition to buying online.