elnsurance: Staking a Claim in the New World of Insurance

Joseph A. DiVanna

Chapter Chapter 5 in Redefining Financial Services, 2002, pp 58-63 from Palgrave Macmillan

Abstract: Abstract At the dawn of the new millennium two colossal industries are poised at the crossroads of enormous change. Armed with technology, they are presented with an opportunity to rethink the fundamental business which comprises their core services. Banks are rapidly expanding into the insurance marketplace in search of new sources of fee income (or just commissions) and insurance companies are racing into the financial services arena on a quest for new sources of revenue. The clash of two titans in the financial services sector reads like the conflict between the gods that inspired Homer to write the Iliad. In this classic work of Greek literature, we learn that the gods were quite happy celebrating the wedding of Peleus and Thetis, until suddenly Eris, the goddess of discord, who was angry because she had not been invited, threw a golden apple into their midst. She said: ‘The fairest of all gods shall have it!’ Hera, Aphrodite and Athena each thought herself the prettiest, so they all ran to pick it up. When they realized that they all wanted the same apple, they became angry and started a huge argument that ended in the seige of Troy.

Keywords: Financial Service; Customer Service; Insurance Product; Product Offering; Market Intelligence (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-4039-0721-9_6

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DOI: 10.1057/9781403907219_6

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