Online car and home insurance applications to soar

Posted :30-12-2005

Banking and applying for insurance online is set to surge in the new year, according to a recent survey.

New research from Lloyds TSB has found that a fifth of the population is likely to use the internet to manage their money, as well as apply for online mortgages and insurance quotes.

However, the study claims that many people still are not aware of all the financial tasks they can do online.

A fifth of those surveyed did not know they could check their bank balances on the web or use online banking to search for statements.

Online insurance applications are also surging, according to research from GfK Financial, which predicts that between June 2005 and June 2006, as many as 4.8 million people will complete a financial application online – such as applying for home or motor insurance.

Kevin Barrett, Sainsbury’s Bank director of e-commerce said: "The internet has become an important life tool, playing an increasing role in the way we conduct our daily affairs – whether it’s shopping, booking a holiday or sorting our finances."

He added: "Society now operates 24 hours a day, seven days a week and as such the 9am to 5pm traditional banking model is being left behind."


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