Banks' Web savvy could help them offer property and casualty insurance over the next few years, but big-name insurance carriers may ultimately have the edge in distributing insurance in a rapidly developing online marketplace.

A study by a unit of International Data Corp. in Framingham, Mass., found that by 2004, 37% of insurance sales will be Web-influenced, reflecting consumers' willingness to shop on the Internet even if they don't necessarily close transactions online. Banks' strong commitment to technology is an advantage as they compete for Internet business, but carriers have the name recognition that consumers are looking for, said Jennifer Blackmore, senior research analyst in IDC's e-insurance program, which produced the study.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.