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May 10, 2016

Internet trends

The Internet has changed everything from running a business to buying a product. Take the example of Insurance, gone are the days when you had to pick-up a call and schedule meetings to buy Insurance or read hundred pages and sign forms. It’s the age of ecommerce and shopping carts and it is evident that the insurance industry has entered the new era to keep up with the large and fast growing digital economy.

Digital now is a way of life. According to recent reports and surveys, today the world has 6.7 billion mobile phone connections, 2.7 billion Internet users and 1.7 billion social media users. This connected online population forms a brand new-market to cater to.

The new age customers

Online shopping trends have changed drastically over the past few years. Online shopping used to be limited to a few big online stores earlier, but now there are hundreds of thousands of stores at the click of a button. From entertainment, travel, retail to Insurance, a consumer’s confidence in online shopping, online security is rapidly increasing and so has their shopping experience.

Internet has become the go-to tool for new-age consumers in the market, especially for insurance purchase and they prefer buying from Licensed Insurance intermediaries like Brokers who are the only intermediaries who represent the client and not the Insurance Company according to IRDA.

Today consumption of products, services and information is happening real-time and everyone ensures that all the content and products are available for their consumers at all times.

Why buy Insurance online?

A lot in life is uncertain and insurance is one of the best ways to ensure that you are prepared for tough times. With the dawn of technology, online is the go-to way to buy insurance for several reasons. So if you are looking for to buy insurance policy, online should be the way to go. Still not convinced? Here are some of the benefits of buying insurance online.

Informed decision

Consumers prefer buying online as it helps them take informed decisions rather than impulsive decisions. Various aggregator sites such as Policy99.com lets consumers compare between plans and prices of a particular type of Insurance Product with various brands. This makes it convenient for the consumers to do their research on a single platform, thus saving a lot of time and money.

Economical

Online purchase makes the process economical both for the insurance Company and the consumers. It is also a paperless transaction and all these benefits are shared with the consumers as lesser premiums.

Extra features

Insurance Broker’s like Policy99.com are customer friendly and helps you buy a policy in just few clicks. Along with that, there are few additional features that make the shopping experience delightful for consumers.

Once you Sign up with an Insurance Broker’s site like Policy99.com you can:

  • View product related information before buying – Informed decision
  • Compare quotes & buy Personal Insurance Products from top brands
  • Apply proposals for offline SME & Corporate Insurance Products
  • Store/Save policies in the cart and buy later
  • Don’t feel like filling forms, just upload your details and get a quote.
  • Set Automated Policy Reminders and get notified through E-Mail & SMS. (Even if the policies are not bough through them)
  • My Portfolio – View, Edit &Upload all your policies in a single screen
  • My Documents – Safely store all important documents in one place
  • My Profile – View, Edit & Upload your profile
  • Renew directly from your account seamlessly
  • Claim – Upload spot photographs with clear cut documentation process for speedy services
  • IOS & Android Apps will allow you to access your account on the go
Customer Support

For those who have reservations to make online transaction, you can call customer care and seek clarifications at any given point.

Convenience

Buying online comes with the liberty to shop whenever you want. There is no pressure from agents and their nagging calls and consumers can buy from the comfort of their couch or on the go.

Transparent

As the old saying goes ‘Honesty is the best policy’, the same applies here. Every single detail about the policy and the clauses are mentioned on the site. There are no hidden costs and the buying process is straight and simple.

Reputation check

Since internet is a platform for and by the users, it is easy to keep track of the company. With growing use of social media, discussion forums, online reviews, customer testimonials, you can check and review online before you buy.

Safe and secure transactions

Buying insurance online is 100% safe and secure and is one of the fastest ways to get your insurance policy.

Steps to buy policy online

Simple and easy steps makes online shopping easy and fast. To start with,

  • Decide the Insurance Product based on your life stage
  • Register online
  • Read all the terms and conditions carefully
  • Fill some basic details
  • Compare and choose the plan you require
  • Get a quote
  • Fill up other relevant information
  • Make the payment online using credit/debit card & Net-banking
Do’s and don’t while buying Insurance online

There are no doubts that buying insurance online is by far the new best approach and in-line with technology developments. The process is fast and preferably simple however certain guidelines must be followed.

Do’s:

Carefully go through all the insurance policies available online and choose according to your needs.

Read the fine prints before buying. Understand every condition and clauses. In-case of further clarifications, just pick up the phone and call the number on the website.

Fill the form very carefully. As far as possible, fill-up your own forms.

As customers, you must always provide accurate information.

Don’ts:

Don’t just jump to lesser cover for cheaper premiums. Choose according to your needs.

Do not hide any information especially while filling up forms for medical / health insurance. “Honesty is the best Policy”. It is always better to be honest on declaring any pre-existing condition (If any).The Insurance Company may slightly load the premium and include the pre-existing condition after a waiting period which will be informed in advance.

Don’t miss or delay the premium payment.

Q&A: While buying policies online

Q: Will buying an insurance plan online give a complete understanding of the product?

A: Depends. Someone with good knowledge in this field would prefer buying online at their own space and time than being distracted from agent calls at odd-hours

Someone with little knowledge also can dial the number given on the website to clarify doubts and then purchase online after understanding all the clauses.

Today, most consumers prefer buying insurance online for its ease and price value.

Q: Will I still be assured a personal service?

A: When you buy an insurance policy online you are directly accessible to the insurance company’s call center or the broker. The personal service is presented online in a tech-savvy fashion.

Once you register online, you can compare policies and quotes from multiple insurance companies and save your hard-earned money. You can save quotes in your cart and buy later. Additionally you can also completely manage your families Insurance Policies, manage you entire documents in one safe place, get automated SMS and E-mail reminders and access your claim status 24×7.

Q: How to be careful from online scams?

A: Make sure to always purchase from a trusted company / website and verify if it is a secured site before disclosing your personal and financial information.