ABSTRACT
Embracing a new technology has always been a challenge for the insurance industry. The Internet, and its unlimited potential, is by far the most imposing and challenging technology that this industry has ever faced, but it also offers potential rewards that substantially exceed any other new technology. The Internet presents the insurance company with two challenges: What can we do with the Internet? How do we make it happen? The Internet is spawning an unbelievable growth of vendors that have and are continuing to develop solutions for commercial insurance activity on the Internet. Unlike most other technologies that have been presented to the insurance industry, the Internet is a fully operational, fully proven, total communications and data exchange environment available today for use by the worldwide business community. As the insurance industries begin to exploit the Internet and associated technologies, they will continue to redefine their marketing, service, and processing paradigms.
