At an event organized by the Centre for Study of Insurance Operations (CSIO), Sanjay Gosalia, Head of the financial services division at Google, set out his vision of the Internet's role in the insurance sector.

During his presentation, Mr. Gosalia noted that consumers have several major access points when surfing the Internet for insurance products:
1) Reflection: This is when consumers begin to entertain the idea of buying a product. This is also the "trigger" moment when insurers are able to detect a potential insurance need. For example, if consumers are looking to buy a new car, the next step will be to purchase insurance for their vehicle.
2) Research: At this stage, consumers are specifically looking for an insurance product in reaction to the previous step.
3) Purchase: Although we tend to think that consumers who begin the process of purchasing insurance online will want to complete the process online, a large proportion of people prefer to finalize things with the support of someone who has in-depth knowledge of the field.

Mr. Gosalia also noted that although brokers continue to meet a specific need, they must also diversify their business practices while emphasizing what sets them apart: namely, their ability to provide unbiased advice.

To consult the Journal de l'assurance's full summary of Mr. Rosalia's talk, please click here.