The trend of buying insurance policies online is slowly and steadily growing in India. Gone are the days when you had to visit the insurer's office, or fix an appointment with an insurance agent or a broker to buy a policy.
Today, the entire spectrum of insurance products, be it health, motor, travel, or life, all available to you on the internet.
The Internet has made the life of a common man easy. Whether it is talking to our loved ones, shopping, booking movie or concert tickets, opening a bank account, or buying vegetables, every chore that once required us to step out of our house is now one click away and we have been using these services with ease.
Despite this, insurance is one such market that is still left untouched. With a lot of people trying to revolutionize this space, insurance companies are themselves allowing users to buy their policies online and also provide detailed information on coverage and relevant quotes. Also, the security in banking and finance sector is drastically changing, thus giving people a sense of security with their confidential data.
From easy access and no documentation to lesser premiums with higher sum insured, there are way too many benefits of buying an insurance online. Let’s have a look at a few of them.
You are the decision-maker
The digital world is full of information and this allows you more flexibility and options in choosing your required plan. However, you need to conduct research on your own while buying a policy online. There is no advisory involved and you can reach through the clause and select a plan that suits you the best.
When you buy an insurance policy online, you save precious time that would have been otherwise wasted at every step of the manual process. Thanks to the internet, you can now browse, compare, apply, and pay anytime, from anywhere and have your policy in your mailbox within a few seconds.
Ease of comparison
Online aggregator companies help insurance buyers to compare plans from different companies. This way, you can make an informed decision and buy a plan that fulfills your requirements. Online comparisons include policy benefits, features, exclusions, inclusions, premium etc.
Most insurance company websites are easy to understand and engaging. Once you finalize a policy, you need to fill a detailed form, complete your KYC, answer some lifestyle-related questions, and pay to buy the policy. There is no need to create photocopies, seek certificates, or courier documents. It is a hassle-free, no-paperwork process.
24*7 customer support
Buying insurance online has become easier in the past few years as online teams now help you make the right choice. From suggesting suitable options to sending timely reminders for premium payments, there are various benefits of buying insurance on the internet. If you are confused about the plan that is best tailored for you, these online companies provide round-the-clock assistance with the help of live chats and video call options on their website.
In addition to this, the automated system also sends out reminders about renewal dates, thus making sure that the complete process is totally stress-free.
Moreover, customer support teams are responsible to make the claim settlement process smooth and fast.
Before you buy an insurance policy online, you can always read reviews, seek opinions, get suggestions, and consider various unbiased perspectives about the plan and the insurance company you are planning to buy from. You can also know their claim settlement record for your information.
As each and everything about the product in question, from its features to the customer experience as well as the regulatory action that is applicable in case there is a problem at your end, is online, there is nothing that an insurer can keep from you anymore. Therefore, there is total transparency in the entire process.
The move to digital is unavoidable, and people are trying to revolutionize the insurance industry with the help of Artificial Intelligence (AI) and chatbots. Online insurance is one such boon which will make our life hassle-free. In the near future, insurance will be bought and not sold!
The author, Sushant Reddy is Founder, AskArvi.