Internet penetration has been rapidly spreading across India, gaining even greater momentum in the past year. An increasing number of people are becoming comfortable using the internet and many have embraced the platform for online transactions and services. While buying tickets, paying bills, shopping on e-commerce sites, and executing fund transfers may be the most common financial transactions, there is a lot more that you can do. The ability to buy insurance online is one of the best features to have emerged, making the product a lot more accessible to the masses.
There are a number of benefits which the insurance buyers get while purchasing a policy online. Some of them include:
a.) Time-Saving: Buying insurance online helps save a great deal of time, as the entire process is automated and efficient. With the growth of information technology, instant issuance of policies has become possible. You can make quick decisions by using various online resources, including the websites of insurers. As there is no chance of human error, no time is wasted and the premium calculation is also quick and accurate.
b.) Cheap: Online insurance plans are cost-effective. Companies save a lot of money through the online process and they pass on these benefits to consumers. Insurance companies save money as they do not have to invest in the hiring infrastructure, human resources, physical branches, and other expenses. For this reason, online plans are cheaper than offline plans. High cover plans are available on lower premiums. You will always find good deals on the internet. Aside from these, the customer also saves money, which is otherwise spent on agents, traveling, and forms.
c.) Convenient: Customers always crave convenience and there is no method of shopping that is more convenient than online buying. The online platform offers a user-friendly interface, allowing consumers to choose between several options, without having to step out of their homes. The hassle of having to travel to a physical branch and stand in queues is no longer an impediment to purchasing insurance. Moreover, a number of companies provide options of customization, wherein you may get the best online insurance policy suiting your specific needs.
d.) Informed Decision: Using online platforms, you can not only choose between different policies, you can even use comparison tools to find policies with the best features, specific to your requirements. Online reviews of both policies and insurance providers can also give you a better insight into the offerings that are available. Comparison tools that are provided on many sites will allow you to look for the most competitive pricing as well as the best features. Many websites even offer the option of a live chat so that you can clarify your doubts.
e.) Smart Technology: Many websites use smart technology. Some companies issue smart-logic driven proposal forms. These forms ask questions after analyzing customer’s profile and demographics. The questions are fine-tuned and customized for consumers. Some questions are also altered based on previous answers.
With so many perks for buyers who shop for insurance online, this is undoubtedly the best method of purchasing a policy.
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