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Inside the Communication RevolutionEvolving Patterns of Social and Technical Interaction$
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Robin Mansell

Print publication date: 2002

Print ISBN-13: 9780198296553

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198296553.001.0001

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The Colleague in the Machine: Electronic Commerce in the London Insurance Market

The Colleague in the Machine: Electronic Commerce in the London Insurance Market

(p.128) 6 The Colleague in the Machine: Electronic Commerce in the London Insurance Market
Inside the Communication Revolution

Gordon Rae

Oxford University Press

Electronic commerce refers to all forms of commercial transactions that involve both organisations and individuals, and that are based on the processing and transmission of data through electronic media. It also refers to the effects of the electronic exchange of commercial information on activities such as organisational management, contracts, and legal and regulatory activities, among others. The development of electronic commerce was found to have caused favourable changes in society, in the economy, and in business, especially in some specific industries. Although the insurance industry already had the characteristics of a ‘new economy’, electronic commerce in the London Insurance Market Network (LIMNET) showed slow growth. This chapter looks into the social and technical factors that interfered with the development of electronic commerce in LIMNET and addresses why brokers and underwriters still prefer face-to-face negotiations over electronic transactions.

Keywords:   electronic commerce, electronic media, new economy, LIMNET, insurance, electronic transactions, face-to-face negotiation

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