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On-line insurance exchanges set to save billions.

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The insurance industry could save $20 billion with on-line insurance exchanges, according to a new report. "Transactions on business-to-business on-line exchanges are forecast to rise from $145 billion in 1999 to over $4.5 trillion by 2004," said Philip Middleton, author of Collaborate and Compete (KPMG Consulting). "The volume of claims settled by the EMEA insurance industry in 2000 is predicted to exceed $340 billion; on-line exchanges could process an estimated $170 billion of these claims."

A large proportion of the costs facing insurance companies relates to processing claims and associated back-office functions-on-line exchanges can cut repetitive procedures by automating systems from the back-office function to the end-customers' claim forms.

"The...

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