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Why do Customers Prefer to Buy General Insurance Policies Online?

The insurance industry has gone through digital transformation in the last couple of decades. There was a time when buying a general insurance policy required the buyer to either visit the insurance company’s nearest branch or meet with one of its authorized agents. With general insurance companies turning digital many companies carry out all their services online, right from buying a policy to registering a claim.

Digitalization has made buying general insurance policies online popular. Most people today prefer to buy their general insurance policies online, be it health insurance or car insurance. But what makes buying a general insurance policy online so popular? If you are wondering the same, take a look at some of the reasons why customers prefer buying general insurance policies online:

Saves Time

The process of online policy purchase saves a lot of time. Given the fact that insurance companies have digitalized, anyone can purchase a policy anytime even if it’s in the middle of the night. The traditional method required you to visit the nearest branch of the insurance company and stand in a queue to get your work done. However, you can purchase insurance online at home or while on the go. Moreover, your policy purchase request gets processed within a few minutes which is not the case under offline method where the processing may take several days.

Convenient and Hassle-Free

The online method of policy purchase is hands-down more convenient and hassle-free. The entire process of online buying a policy with any insurance provider involves just a few clicks. All you need is an internet connection, a smartphone/ laptop and you can purchase the policy online. You don’t have to reach out to an insurance agent or visit the nearest branch of the insurance provider within the working hours to buy a policy as in the case of traditional offline method.

No Need for an Agent

There is no need for an insurance agent if you are planning to buy a general insurance policy online. This is because online policy purchase is customer-friendly and does not require you to take the help of an agent to buy a policy from any insurance company. Even the details of the policy are worded in simple language which can easily be understood by all the customers. You are also not required to get into extensive discussions with the agent to understand the plan and its technicalities. Thus, online purchase of policy eliminates the need to rely on an insurance agent to buy a policy.

Easy Comparisons Possible

When buying insurance online, it is possible to compare the general insurance plans offered by different companies online. Not only can you compare the plan coverage provided by different insurers but you can also compare the premium quotes for these plans online. You can carefully analyze different aspects of an insurance plan online before selecting a plan that you want to buy. This is not possible offline as approaching every insurance provider and comparing them with each other would be tiring and extremely difficult.

Verification of Insurance Company’s Credibility

If you are buying insurance online, you have the option of verifying the credibility of various general insurance companies. You can compare the credibility of different insurance providers by checking their incurred claim ratio, customer reviews, and testimonials. Doing so is not possible if you are buying insurance offline and you have to rely on the words of the agent facilitating your purchases

Take Your Own Decision

If you decide to buy insurance online, you will be able to make a decision objectively. You can easily compare the pros and cons of the plans offered by various insurers online. Your decision will not be influenced by any insurance agent who would be thinking of meeting his/her own targets and selling his/her company’s policy. Thus, online purchase of insurance allows you to make an informed decision without any manipulations.

Minimal Paperwork

Purchasing a general insurance policy online involves little or no paperwork. That’s one of the biggest advantages of buying insurance online from companies. The traditional method involved filling out multiple lengthy forms and handing over the hard copies of several documents to the insurance agent or at the company’s branch to buy a policy. And if you made any mistake in the form, you’ll be required to fill up a fresh form. But today, online buying requires you to enter only a few details and upload soft copies of the required document. This makes the process extremely easy and customer-friendly.

Lower Insurance Premium

If you buy an insurance policy online, you will end up paying a lesser premium amount as compared to the offline insurance premium. This is because all insurance companies charge operating costs as part of the insurance premium under the traditional method. These cost of operations, such as the cost of printing, infrastructure charges, etc. is nullified in case of online buying, which reduces the premium amount for up to 30%. Besides, many insurance companies also provide certain discounts if the policies are purchased online.

Online Premium Payment

Another reason why people are preferring buying insurance online over offline method is due to the flexibility of making online premium payments. While buying insurance online, you can pay the premium amount through online channels, such as internet banking or through bank debit or credit cards. It is not only more convenient but safer as payments are made through secure channels that are facilitated by the insurance company. However, that doesn’t happen under the offline method as you are required to make payments through cheque or demand draft.

Instant Policy Issuance

An insurance policy is issued almost instantly if you are buying it online. This is because the entire process is automated and you don’t have to wait for days for an official of the insurance company to take a look at your form and approve it. Instead, almost all the insurance companies process the purchase request and issue a policy at earliest that may take a few minutes to a couple of hours. That’s not the case under traditional methods as the policy processing and issuing of policy may take several days.

In a Nutshell

As the world has become more advanced, it is intelligent to evolve ourselves with the changing times. The insurance industry has become more customer-friendly and reliable in the eyes of the public by going online. Today, most people prefer to buy their general insurance policies effortlessly. If you too want to buy insurance smartly, online purchase is the way forward.

Written By: PolicyBazaar - Updated: 04 September 2020

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