All You Need to Know about Insurance Policy Aggregators

Feb 06, 2018 | 2 years ago | Read Time: 2 minutes | By iKnowledge Team

For millennials and Gen X, internet and social media are synonymous to rating and writing reviews online. So, it only makes sense they would do the same with insurance. But, how does one decide which insurance provider offers the best policies and services? The answer is an online aggregator!

An insurance policy aggregator is an interactive online portal that allows customers to compare different insurance products on the parameters of eligibility criteria, sum assured, premiums, and product pricing, under a single platform. Although insurance policy aggregators act as policy comparison tools, they cannot promote specific insurance products. This makes them a reliable source. These aggregators direct you to the insurer’s website of your choice and in some cases also help you through the buying process. Also, an aggregator website cannot issue a policy for you but can provide your contact details to relevant insurance companies, if you have agreed

Here’s how comparing insurance products on an online aggregator will work in your favour:

  1. Need for speed

The process of buying insurance offline may get really long and cumbersome. In comparison to this, the use of an online insurance aggregator speeds up the process. From comparing policies and selecting the one you wish to buy, to making a payment for it—everything can be done online in half the time you may take to buy an offline policy.

  1. Easy peasy

Since an insurance aggregator is a web-based tool, you may use it to buy insurance from wherever you are. So, whether you are at home, in the office, or even on a vacation, a web aggregator is available at your service anytime, anywhere.

  1. Policy lapses…what’s that?

When you buy insurance online, insurance companies send you updates on your upcoming premium dates. Therefore, the chances of your policy lapsing are very low. This also ensures that you have a hassle-free insurance claim process when required.

  1. Reviews to boost your confidence

While buying online insurance, customers can read views and opinions of other buyers regarding various insurance providers and their policies. These reviews help customers compare products, get more insights, and choose between similar brand offerings. This makes the buying process a well-informed one.

  1. Good bye imposter

Many customers have their reservations about buying online insurance. However, most web insurance aggregators are licensed under Insurance Regulatory and Development Authority of India (IRDA). Therefore, when you buy insurance from a web aggregator, you can be assured that you are dealing with a safe and legal portal. Furthermore, the aggregators offer accurate policy information in most cases.

With the speedy, transparent, and accurate information they provide you, insurance policy aggregators ensure that your online insurance buying process is smooth and hassle-free.

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