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...rs and the Internet. Today's telecommunications and Internet technologies prov...

... example, are reporting a drop in the amount of leftover food they collect from supermarkets as networked inventory systems enable the stores to receive just-in-time deliveries, eliminating waste. The changes are global. When Saudi Arabia solicited bids for upgrading its network, it asked providers whether there was a way to restrict access to sites on the Internet that contained sexual graphics. Singapore has made itself a regional hub of telecommunications while continuing to restrict the availability of information. The Net is decentralizing radically, putting computing power in the hands of a broad range of people for the first time. Just as the construction of interstate highways in the 1950s helped restructure the nation's geography around the automobile, opening the way for suburban subdivisions and tract malls, the spread of information networks is starting to reshape society around the computer ... with unpredictable results. The best way to deal with this is to stay abreast of the changes: To be an actor, rather than acted upon. Jack Fries can be reached at Fries & Fries Consulting, P. O. Box 66, Alexandria, KY 41001, phone (859) 694-1580, fax (208) 293-2086, e-mail: [email protected] , Web site: www.jackfries.com. Login or Register (for FREE) to gain access to thousands of other great articles. Need more reasons to join? Need insurance for you, your business or your family? Get quality appointments - Save yourself a whole lot of time & money when you use our directory of carriers, wholesalers and service providers. Negotiate lucrative contracts with carriers and wholesalers. Net result. More revenue for ...

...ade itself a regional hub of telecommunications while continuing to restrict t...

...ng services, coordination in telecommunication purchases, and information, inf...

... all of their carriers happy. Furthermore, the average agent has experienced top-line growth of less than 5% annually since the mid-1990s. This suggests that growing your way to sufficient premium volume is unlikely. Additional pressure is being applied by technology. Lower-margin products such as Homeowners, Auto, and Term Life are beginning to migrate toward lower-cost distribution channels, such as call centers and the Internet. Today's telecommunications and Internet technologies provide legitimate alternatives for distributing products that many believe are approaching commodity status. While disintermediation to date is slight, it is occurring and it's certain to increase. Consumers are providing further pressure. Insurance consumers today are more knowledgeable, sophisticated, and demanding than they were only a few years ago. This is true of both Personal Lines and Commercial Lines consumers. Today's consumers want ... and annuity premiums produced by banks grew approximately 18% to nearly $37 billion. However, while banks have captured a respectable share of credit insurance and annuities, their General Lines market share remains below 5% . Furthermore, insurance hasn't yet become a significant source of income for most banks. More than 300 banks participated in the 2000 ABI Study of Leading Banks-In-Insurance, ' jointly conducted by Reagan Consulting and the Association of Banks-in-Insurance. Of the participants currently distributing insurance products, the average earned only 1% of the bank's 1999 net operating revenue through insurance. In reality, it takes time to build a book of business in insurance and to grow substantial revenue. Although cross-selling insurance products to bank customers is a valid strategy that's gaining traction, cross-selling penetration occurs slowly. Despite this dose of ...