Why are Online Policy Services Better?

Dec 12, 2017 | 9 months ago | Read Time: 3 minutes | By iKnowledge Team

In today’s fast-paced world, buying an insurance policy online is convenient, affordable and transparent – all the ingredients you need when going for an insurance policy. As the process is paperless, you get to connect with the insurer directly, eliminating misinformation. Plus, you can check reviews and also compare different policies online, so that you get genuine information about your policy.

Why are Online Policy Services Better?

If you’re thinking you are the only one buying insurance online, then wait till you read this. According to a recent report by Google India and Boston Consultancy Group (BCG), India’s online insurance market is soon to see an exponential growth that will cross INR 20,000 crore by 2020. Incredible, isn’t it?

The reason for this growth is the varied benefits that online insurance offers. What more? Listed below are features that’ll help you see why online policy services are better:

• Cost-effective

When you buy insurance online, you directly do so from the insurance provider’s website. Since no agent is involved here, you end up saving the commission you may otherwise have to pay the agent. Also, since there is no middleman involved, the cost of a policy bought online is generally lesser than an offline policy. This is because even the insurance company saves on the commission and passes the benefit to the consumers.

• Convenience

You may buy an insurance policy online at the time and pace of your convenience, from any part of the world. Just with the few clicks of buttons, you have your insurance policy active. This means you skip the whole rigmarole of setting up a meeting with an agent and following up with him. Apart from being quick and easy, buying an insurance policy online is also safe. This is because, in most cases, you directly purchase a policy from the insurance provider.

• Informed choice

Thanks to insurance aggregators, today buying insurance plans has become smarter. This is because an aggregator draws information from different insurance providers and presents it to you all under one portal. You are able to compare different insurance products available in the market at once. Therefore, you are empowered with the knowledge that helps you to make an informed choice while purchasing your insurance policy.

• Automated assistance

We live in a world driven by technology. And insurance companies have made the most of this technology by easing out the entire online buying process. Today, most insurance providers have a live chat tab on their websites that takes you through the whole insurance buying process, in case you get stuck. Many providers offer insurance premium calculators that help you get an idea of how much premium you will need to pay towards your policy. This tool helps you select a plan that fits your budget and fulfils your protection needs. Apart from this, when you buy insurance online, you receive regular updates with regards to your premium payments, renewals, and more. This enables you to stay up to date with your policy at all times.

• Lesser chances of fraud

As buying insurance online means you skip the services of an agent, the chances of a fraud become almost negligible. This is because unlike an offline policy where an agent does most of the groundwork for you, in an online policy you need to go through all the terms and conditions of the policy yourself. This ensures that you are well aware of the product you are opting for.

• Customer’s reviews

The best part of the Internet is that it is an interactive forum, where customers are able to voice their opinions. Therefore, when you buy insurance online, you have a plethora of information in the form of customer’s reviews. These reviews help you with making the right choice regarding what insurance policy to buy.

• Paperless

Buying online insurance means the whole process is a paper-free one. From applying for a policy to claiming insurance, everything is done digitally. Thus, no hassles of dealing with a pile of documents, here. Besides this, you are contributing to the environment, too.

So, where most of us have experienced the convenience of online shopping. Let insurance be no exception to this. Therefore, the next time you buy insurance, buy it online and enjoy a smooth, speedy, and hassle-free experience.

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