Insurance industry, just like any other major industry has taken major digital transformation in the recent past. Unlike the traditional way, it is not a sitting with your advisor and dealing with the financial requirements. Here, sometimes you are compelled to take policies that are not of great use to you but you tend to take them. It might be because of the marketing tactics of the advisor or your ill knowledge of financial aspects. There is a tendency of falling prey to false promises given by agents.
How can one choose online policies?
It is so easy to choose a policy online as most of the major Insurance companies provide all the details on their site and have 24/7 helpline customer care to assist you in case of any clarifications or financial advice. Also it has far better advantages with respect to cost and returns. Go in to the respective site and fill online form, submit relevant documents and other details as how you do for a traditional policy.
Benefits of Online policies:
- Policies with lower premiums: You can expect lower premiums in online plans compared to offline ones. The absence of agent fees and advertising costs relieve you from fat premium prices.
- You can be your best judge: As there are so many policies on offer, it might be difficult to choose the one best for you. As there are no intermediaries you can shortlist few plans of your choice and select the final one without confusions arising from different sources.
- Purchase from the comfort of home: Here purchasing of policies is easier and convenient as all the relevant documents are submitted online and there is no need of commuting. Also as the information is available online there is no involvement of intermediaries.
- Simple documentation: One more hassle free thing about online insurance is simple documentation. You don’t have to go for Xerox copies, photographs and other things as they can be uploaded online. In case of any doubts or lack of proper technical knowledge company helpline will assist you in documentation.
- No more frauds: There were many instances where loyal customers have been cheated by agents in an expectation of higher commission. Sometimes they were even denied payment of claims because of lack of proper knowledge of policies. This is not possible in online insurance plans as the buyer will be directly dealing with the Insurance Company and all the information is obtained is fair and fraud free.
On a whole, technology has greatly transformed our lives for good and made it easier and sophisticated.