The Covid-19 pandemic has encouraged consumers to buy financial services digitally instead of buying them offline. The insurance industry has also made a giant leap in digitizing processes to help consumers get their insurance policies online, aided by the regulations proposed by the Indian Insurance Commission.
When looking to get insurance online, here are the basics to keep in mind.
Why you should take out insurance digitally
There are several advantages to taking out insurance online. These include:
- It offers an instant policy experience. Most insurers have a website or mobile application that allows you to buy your policy instantly by entering the required details, just like you would if you were buying any other product on an e-commerce website.
- Most insurers do not require paper documents during the online insurance purchase process. For the online purchase of a policy, a minimum of documentation in the form of soft copies is required to simplify the process.
- Many new age insurers offer customizable plans when buying insurance online. You have the option of adjusting your sum insured or surcharges as required. Some insurers also provide guidance on the most suitable plans on the website based on the information you provide.
- It has also paved the way for easier comparison of different corporate insurance schemes. Different online portals help with comparison.
- The easy accessibility via online portals strengthens you and helps you to feel independent. It allows you to conduct your research on multiple websites to decide on the best policy that fits your needs.
Process of buying insurance online
Buying an insurance policy online is a simple process. Follow these steps:
- Go to the insurance company’s website, fill in your details, and fill in any additional information the company may need.
The process varies from company to company and policy to policy. However, most companies don’t have a lengthy process and accept digital signatures, which makes this process relatively straightforward. All you need is a computer, laptop, tablet or phone, and a decent internet connection.
- You can then choose from the products that you want to buy as most insurers offer a range of products on their website.
- You will need to fill in the required information that the insurer will ask based on the product you have chosen. With health insurance, for example, you must first and foremost provide your location, members and contact details right from the start. For car insurance, you need to provide vehicle details such as make, model, age of the vehicle and any other damage that the vehicle has suffered.
- You will then be asked to choose from the various insurance plans available, which have different premiums and offer additional coverage. In the case of health insurance, the personal data of the insured person and the medical history are also required.
- The final step is to pay for the policy, after which you will immediately receive your policy documents at the email address you provided.
- Typically, this entire process only takes a few minutes if you have all the information to hand. However, you need to remember:
- You have to be sincere when filling out the insurance forms.
- Any disagreement discovered by the insurance company can result in hefty fines, imprisonment, and a permanent criminal record. Insurance fraud is a serious offense and should not be taken lightly.
- It is always best to double-check what is provided as the insurance company will also ask for evidence, and it is best not to get caught up in minor mistakes that could have been avoided.
- If you find that the information they provided was incorrect, please do not hesitate to contact customer support for help.
How to Compare Insurance Quotes Online
One of the greatest advantages of buying insurance online is the freedom to research and compare offers from different providers to choose the best plan. The following things should be noted that go beyond the premium:
Check your sum insured: A sufficient sum insured is of the utmost importance for comprehensive protection. It is therefore important to find the insurance sum that is right for you, taking into account your stage of life, your loved ones, your medical history, etc. In such a case, just looking at a cheap policy could get you in trouble later. Cheaper auto insurance may also have a lower Insurance Value (IDV), but you can be left unprotected during a loss event.
Check the services: The moment of truth for an insurer is customer service. Like any other relationship, the first phase is always good. While you are taking out insurance, the insurer can make you feel very special. What would actually be more useful would be to see how good the sales experience would be afterwards. So always check the services they offer for a seamless experience.
Speed of the insurer’s claims: You are taking out damage insurance, so this should be investigated before moving to a company. It is important to look at the facts and figures regarding claims settlement rates and their turnaround time. It is good practice to look at the reviews of the companies on their online sites like Facebook and Google to get firsthand the claims experiences that real customers have had with the insurer.
Process of applying for insurance online
- You can also make a claim online with most of the insurers that you can take out online. Complaints via online platforms are much easier and faster than manual intervention.
- The complaint process is easier than you think. In an emergency, the insured person only has to inform the insurer.
- In the case of car insurance, property insurance, etc., the company requires photos of any damage, which serve as evidence of the eventuality.
- In the event of a health insurance claim, medical reports and bills must be uploaded, which the insurance company will then review with the hospital or clinic. In the event of a cashless claim, the insured simply has to fill out a pre-authorization form and present an e-card to the insurance help desk of a network hospital of the insurer. All costs after approval are then handled by the insurance industry with the hospital.
Concerns About Online Insurance
Your biggest concern with online insurance could be the possibility of cyber fraud. Hence, you need to know how to face them.
- A simple check that the website is authentic can go a long way.
- Keep in mind that no insurer would ever ask for details like the Card Verification Value (CVV) of a debit card or a one-time password (OTP) that you just received. You have to report to the responsible insurance company if you come across such callers or something suspicious.
- The account managers are always there to help.
- Going through testimonials can help a customer understand what can and cannot be done and how to provide the services offered.
- It is advisable that there are several companies that offer insurance services. You have to choose a company with a relevant product, good service and excellent customer service.
Bottom line
Insurance is an investment that helps you to protect your savings and also provide you with financial security in any case. Hence, it should be purchased after thorough research and considering the right policy. An online insurance experience helps give their customers the freedom to compare different policies while making the whole process of buying a policy instant, easy and hassle-free.
source https://collegeeducationnewsllc.com/steps-to-buy-insurance-digitally-forbes-advisor-india/
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