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The Indian consumer is becoming increasingly savvy with transacting online. India has over 11 million online consumers who buy everything from tickets to apparel and books, even making bill payments and banking transactions on the internet.
The insurance sector too has seen a boost in online sales with e-buyers becoming aware of the many advantages of purchasing policies online. Online term plans have been riding this wave for the past year. Now, general insurance products like motor, travel and health too are becoming favored items for online purchase owing to the host of additional benefits over traditional means of purchase.
Convenience, speed, easy accessibility and affordability are the key drivers for growth in online insurance sales, according to BerkshireInsurance.com which serves as a corporate agent for online retail sales of policies of Bajaj Allianz General Insurance Company Limited.
“The online platform enables insurers to bypass intermediary commission and reduce distribution costs. This translates into lower premiums for consumers, making online policies cheaper”, says Arun Balakrishnan, CEO, BerkshireInsurance.com.
“The online platform also enables higher degree of product customization to ensure the product suits the customer`s needs. Further, comparator websites facilitate easy comparison of the cost and features of various products enabling one to make an informed choice. And all one needs as a solution to his insurance needs is internet access”, he adds
One of the biggest benefits of purchasing insurance online is that the consumer is bound to understand the product fully for himself thereby mitigating the risk of ending up with the wrong policy. Most websites like BerkshireInsurance.com also offer real time resolution of queries through toll free numbers, live chat facility etc.