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This article reports a practical application of intelligence gathering and strategic planning online. Firms in the reinsurance industry (defined in the text) face changed market realities and new challenges. As they attempt to chart new strategies and apply innovative business models in response to the changing marketplace, information technology can make a significant contribution. Internet‐based e‐business strategies and related business models have proven utility, which has greatly benefited many organizations in the service sector. The question is not whether e‐business‐based strategic business models will work for firms in this industry, but how to make them work effectively. The field study reported here proposes and tests a practical and systematic framework, finding it to be highly effective and applicable.