In one sentence, purchasing insurance online is convenient, fast and usually cost you lesser. The insurers know the potential of this distribution channel and therefore have the entire product range-from life to health, motor and travel-available on the net for you. With click of a mouse you can buy any policy from any corner of the world at any point of time.
Buying Benefits: The distribution efficiency also leads to cost efficiency. Since the customer buys directly from the insurer, the distributor’s margin (or commissions) is saved. Also, the entire process is carried in the virtual world and is paperless, reducing the costs further. These savings are usually shared with the customer in the form of lower premiums.
Automated Servicing: The online platform is not limited to sale. It is a prompt and efficient servicing channel as well, which can be used by existing policyholders’, regardless of whether you buy online or not. You can download product literature like brochures and policy wordings, get quick premium quotes, renew your old policies, pay premiums online, track your insurance investments and make online claims. The difference from offline mode is that here you do not have to depe ..
Online Assistance: Since not all of us are equally net-savvy and may have reservations making financial transactions online, the insurance company websites usually also have live chat facility on their websites where customers can seek clarification in case of any doubt. Also, there is a toll-free number where you can call to take the offline route. You can either ask the representative you make the purchase for you telephonically by giving your details or can also request for.