About 16 percent of Indian population is using Internet today. The penetration continues to grow at a rapid pace and it is expected that in the current year India would have the second largest population base that uses internet. Because of a widening user base on internet, e-commerce has become a norm for all businesses. Even the insurance sector has not remained unscathed as companies sell insurance policies online. There are multi-fold benefits for customers who look to buy insurance online.Convenience –
Access to internet is no longer a barrier for the Indian population. Buying online insurance is not only convenient and easy but also cheaper for the customer. As insurance companies save on intermediary commission, direct cost related to sales and paper Proposal
forms they are happy to pass on the benefit to the customers. Customers are able to get a higher insurance Coverage
for the Premium
they pay. Besides getting a great deal, customers are also issued a Policy
instantly, which makes the process even more convenient. Transparency and Sensible Decision Making –
The other important benefit of buying online is that customers get a chance to make an informed decision. There are many instances in the past when customers have been duped by insurance agents to buy policies by misrepresenting policy terms. However, when you buy online you do not have to worry about being misled as all the desired information on various policies is available at the click of a button.
You also do not have to bother to run to various agents to learn about various options that you need to consider for buying the most appropriate insurance
for yourself. There are online sites that aggregate information on various insurance policies offered by insurance companies and make it available online free of cost. So when you are looking for an insurance policy the first thing you need to do is log on to these aggregator sites and you will get to know the various policies that cater to your coverage needs. You can make an online comparison to know the features and prices offered by insurance companies and make a choice accordingly.
Apart from the factual information on insurance policies you may also be able to review comments from buyers. In most cases the reviews or comments posted are genuine and posted by authentic unbiased customers. A smoother application process and benefit of automated servicing -
An online platform makes it easy for the applicant to fill up the proposal form. The proposal forms are programmed and the questions in the form would be customized as per the demographics, the applicant profile and answers to previous questions.
The questions are intuitive and the quote or insurance premium is calculated by a software so chances of error are minimal. The online platform would also provide the customers with all relevant details he would need to make a buying decision. The product literature or brochure can be downloaded instantly.
The online platform would also provide other facilities to the applicant like payment of renewal premium, renewing old policies, tracking insurance investments and even claims can be filed online.