If we were to ask our parents and grandparents what the insurance process looked like for them in the past, they would describe something pretty foreign to us.

Visiting lots of offices to make inquires, collecting brochures and papers, discussing and ruminating on the options at home, filling up forms and making visits even after that. Quite time consuming and energy depleting.

Truthfully, things haven’t changed all that much even today since the insurance industry is a bit fixed in its methodologies. But, the options to choose from have certainly widened. People today can choose to not even step into offices and still get insured for life.

Factors responsible for the rise in online insurance

The rise in online insurance can be attributed to a wide variety of factors. Below, we list the 5 most important ones:

The rise of online mediums for deploying services

The economy model has shifted. Along with brick and mortar businesses, online businesses have also cropped up. If not solely online, businesses are using the online space to truly tap into a global presence and market.

Think about it: an Indian company selling Ayurveda-infused products doesn’t need to set up billboards in the US to build a presence there. It only needs to have an online presence (a website definitely and a social media account most likely). If even one US native is compelled to order and then talks about it online, word will already start to spread.

Thus, as other industries took to the online realm to increase the presence and power of their brands, insurance companies did, too. One can now easily go through the entire catalog of policies offered by an insurance provider and buy the desired one after only a few calls!

Millennials and their preferences

Another major reason why online insurance is on the offer.

Millennials make up the largest population percentage in the world currently. This demographic is always on the lookout for something fast and convenient while still being ethical and transparent. They can buy a plan as per their convenience (sometimes after coming after post-midnight on a weekday) and also raise a claim instantly.

Advanced technologies and processes have also enabled the instantaneous uploading of documents. The insurer can then go through them within the next couple of hours, settle the claim, and transfer the amount to the claimant.

For millennials, this is a dream come true in the case of any business.

Great cost-efficiency

Online insurance with just a few clicks save both the time and money of the insurer and insured.

The insurer does not have to set up offices and physical branches in Tier-II cities; online services and plans help them to get insured from wherever they are. This allows them to invest all that money in building better cost-efficient products.

Even those in remote areas with no other medium except the Internet can purchase a policy and secure themselves plus their loved ones.

How to insure yourself while purchasing insurance online

In other words: How to not be scammed, trolled, or taken advantage of?

The following tips will help you stay safe:

1. Always go for a trusted insurance provider. There are many recognized brands in the market that offer a variety of policies to insure you against a variety of factors. Always prefer to purchase a policy from them.
2. Research your options well. Check the online presence of the policy providers you have shortlisted. How does it feel? Authentic or fishy? Check their solvency rate and the number of claims they’ve provided. Are they regulated by IRDAI? See if you can find reviews online about the experience that people had with them. Quora might be able to provide crucial answers here.
3. Talk to people offline. How was the experience of those around you? Did they choose an online or an offline route? Are they satisfied with their decision?
4. Call and talk to the experts there. Prepare by reading through all the details of the policy you intend to purchase. Then discuss the details, plus any caveats and conditions that you might have missed.
5. When you’re assured, satisfied, and even excited, hit that ‘buy now’ button!

Conclusion

There is no reason these days to not go for online insurance. It’s convenient, fast, transparent, and comes with all the benefits that a traditional policy does. So, need you wait anymore?

Get protected and do it online! We’re here if you need anything.

 

AN Feb 87/20

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