Importance of purchasing insurance online

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Online insurance offers many conveniences. Let’s look at the aspects that will help you make an informed choice

In 2007, being a young marketing manager, I remember making plans to solicit insurance companies online through the World Wide Web. Back in the day, it was all about advertising your proposition online, redirecting consumers to your website, and collecting “leads.” Today we live in a predominantly digital age and we have come a long way since then. From booking airline tickets to hotels to shopping, almost everything that required stepping out of the comfort of our own home has moved online for the majority of us. Banking and financial transactions are not far behind. Many of us, like me, have not been to a bank branch for years.

So what led to this change? Thanks to internet penetration, increasingly cheaper data plans, the explosion of smartphones and the convenience offered by the digital world, we have grown accustomed to online commerce. Having said that, there may still be some reluctance to use online support for services such as purchasing insurance. This can be attributed to factors such as online safety, lack of awareness, familiarity and the grip or guidance required.

Advances in technology have made online transactions much easier and safer, and there are some factors that outweigh the reasons for not purchasing a policy online. Let’s take a look at some of these aspects that will help you make an informed choice.

You are in control

When you buy insurance online, you can rest assured that you are buying a policy that meets your personal needs, and not one that someone else is trying to sell. You are in complete control of the entire buying process, from online research to comparing and purchasing as per your convenience. You decide what to buy, when to buy, and how to buy.

Spoiled for choice

The online media has truly democratized information. Use it to your advantage when purchasing an insurance policy online. Invest time in researching the different insurance plans available, compare them, and buy the one that’s right for you. Online insurance policies offered by insurers give you several options and you can customize them to suit your needs. Make an informed choice.

Easy on the pocket

When it comes to pricing, buying online gets a perfect score of ten! Generally, online insurance plans are cheaper than those available offline. And this is due to the cost of distributing and operating offline shopping. Not only are the premiums cheaper, but you can also opt for flexible EMI options offered through payment instruments like cards, making your insurance purchase really user-friendly.

Convenience and ease of purchase

Nothing can beat online shopping when it comes to convenience. Just like you book your movie tickets online without having to wait at the box office to watch your favorite movie, online insurance offers multiple amenities.

  • Fast payment – Insurers today offer easy-to-navigate user interfaces that allow you to purchase your preferred insurance plan in a few simple steps.

  • Easy documentation – Most online insurance plans require minimal or no documentation. You don’t have to fill out long forms and basic documents can be downloaded securely online.

  • Online assistance – If you need help, help is also available online. At Kotak General Insurance, you can chat with our virtual assistant GIA and also benefit from assisted navigation thanks to the co-navigation function.

The pandemic has taught us all the importance of financial security and prudence. Research some of the must-have insurance plans online and secure your family’s financial future.

The author is Senior Vice President and Head – Marketing, Kotak Mahindra General Insurance Company Ltd

DISCLAIMER: Opinions expressed are those of the author and Outlook Money does not necessarily endorse them. Outlook Money will not be liable for any damages caused to any person / organization directly or indirectly.

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