Importance of Buying Insurance Online

In 2007, being a young marketing manager, I remember putting together plans to solicit insurance businesses online through the World Wide Web. Back then, it was about advertising your proposition online and redirecting consumers to your website, and collecting ‘leads’. Today we are living in a predominantly digital age and 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 homes has moved online for a majority of us. Banking and financial transactions aren’t far behind. There are many of us, like me, who haven’t been to a bank branch in years.    

So, what has led to this shift? Thanks to internet penetration, increasingly cheaper data plans, the smartphone explosion, and the convenience offered by the digital world, we have become increasingly accustomed to online commerce. Having said this, there may still be some hesitation in using the online medium for services like buying insurance. This can be attributed to factors like online safety, lack of awareness, familiarity, and handholding or guidance required.  

Evolving technology has made online transactions much simpler and safer and some factors do outweigh the reasons for not buying a policy online. Let us look at some of these aspects that will help you make an informed choice.   

You are in Control

When you buy insurance online, you are assured of buying a policy that suits your personal requirements and not a policy someone else is trying to sell. You are in total control of the entire buying process, from researching online to comparing and buying as per your convenience.  You decide what to buy when to buy, and how to buy. 

Spoilt for Choice

The online medium has truly democratised information. Use this to your advantage while buying an insurance policy online. Invest time in researching various insurance plans available, compare them and buy the one that suits you the best. Online insurance policies offered by insurers offer you multiple options and you can customise it as per your needs.  Make an informed choice. 

Easy on the Pocket

When it comes to pricing, buying online scores a perfect ten! Typically, online insurance plans are cheaper than the ones available offline. And this is due to the distribution and operational cost of purchasing offline. 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 truly pocket-friendly. 

Convenience & Ease of Buying

Nothing can beat buying online when it comes to convenience. Just like you book your movie tickets online without having to wait at the counter to watch your favourite flick, online insurance offers multiple conveniences. 

• Quick Check-Out – Insurers today offers easy-to-navigate user interfaces which allow you to buy your preferred insurance plan in a few simple steps. 

• Easy Documentation – Most online insurance plans require zero to minimal documentation. You don’t have to fill lengthy forms and basic documents can be uploaded online securely. 

• Online Assistance – Should you require any assistance, help is also available online. At Kotak General Insurance, you can chat with our virtual assistant GIA and also get assisted navigation through the co-browsing feature.  

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

The author is Senior Vice President & Head - Marketing, Kotak Mahindra General Insurance Company Ltd

DISCLAIMER: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.