A study led by Accenture revealed that insurance customers could see large internet companies as viable alternatives to retail banks.
The study was made up of 6,000 consumers and surveyed in 11 different countries.
The study revealed that there could be billions of pounds worth of policies up for grabs globally, as 40% of consumers look to change providers.
Michael Lynman, Global Managing Director for Accenture's Insurance industry practice said: "Competition in the insurance industry could quickly intensify as consumers become open to buying insurance not only from traditional competitors such as banks but also from Internet giants."
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