Throwback Thursday: Internet fears; Axa’s trade push

4 July 1996: Insurers fear the internet

Security fears about the internet and a lack of appreciation of its potential benefits were resulting in insurers being suspicious about investing in the technology.

A PWC survey found almost 75% of insurers already operated on the worldwide web or had plans to get online in the next two years but a quarter had no plans to introduce the internet to the way they worked.

Lack of perceived benefits were cited by four out of five senior IT executives at insurance companies who had no plans to embrace the internet.

PWC financial services partner Alan Johnson said: “This complacency could be short sighted, particularly in light of the explosive growth of the web.”

Axa’s small trades business

Axa relaunched Venture, its tradesmen’s liability contract.

The move marked a further push into the sector after Axa’s small commercial launch earlier in the year.

Marketing controller Faye Gibb said: “Venture is increasingly attracting inquiries from small professional operations, but we are still targeting it mainly at plumbers, builders and the like.”