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Sushant Reddy

Sushant Reddy, CEO & Founder, AskArvi.

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7 Reasons to Buy Insurance Online - How to Make the Fast, Easy and Safe Purchase

From easy access and no documentation to less premiums with higher sum insured, there are way too many benefits of buying any insurance online.

The trend of buying online insurance policies 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 the insurance agent or a broker to buy a policy.

Today, the entire spectrum of insurance products, be it health, motor, travel and life covers, all are available for you on the internet.

Internet has made the life of a common man easy. Whether it is talking to our loved ones, shopping or even booking our movie or concert tickets, opening a bank account, 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.

In all of 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 all coverage, relevant quotes. Also, the security in banking and finance sector is drastically changing giving people a sense of security with their confidential details.

From easy access and no documentation to less premiums with higher sum insured, there are way too many benefits of buying any 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 it definitely allows you more flexibility and more options in choosing the required plan. However, you need to do your research on your own while buying a policy online. Since, there is no advisory involved and you can reach through the clause and select a plan that suits you the best.

Time Saving

Since you buy a policy online, you save time at every step of the process. Thanks to the internet, you can now browse, compare, apply and pay anytime and from anywhere and have your policy in your mailbox within seconds.

Ease of comparison

The online aggregator companies help the insurance buyers to compare the plans from different companies online. This way you can make an informed decision and buy a right plan that fulfills your requirements. The online comparison includes comparing the policy benefits, features, exclusions, inclusions, premium etc.

Zero paperwork

Most insurance company websites are easy to understand and engaging. Once you finalize a policy, you need to fill a detailed online form, do your KYC, answer some lifestyle related questions, pay and the policy is in your mailbox in seconds. 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 been made easier in the past few years as online teams help you in making the right choice. From suggesting suitable options to sending our timely reminders for paying your premium, there are various benefits of buying insurance on the internet. If you are confused about the plan that is best tailored for you, the online insurance companies provide round the clock assistance with the help of the live chats and video call options on their website. In addition to this, the automated system also send out reminders about renewal dates, making sure that the complete process is totally stress free.

Moreover, during claim settlement, customer support team is responsible to make the process smooth and fast.

Online reviews

Before you buy, you can always read online reviews, seek opinions, get suggestions and consider various unbiased perspectives from many about the plan and the insurance company you are planning to buy from. You can also know their claim settlement record for your information.

Complete transparency

As each and everything about the product in question is online beginning 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, there is nothing that an insurer can keep from you anymore. There is therefore total transparency that you can count upon.

The move to digital is unavoidable and people are trying to revolutionize the insurance industry with the help of AI and chatbots. The online insurance is one such boon that will make our life hassle free. In the near future Insurance will be bought and not sold!

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house


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