More and more businesses are moving away from brick-and mortar establishments to set up shop in the virtual realm of the World Wide Web. So, in this blog we are going to know about the online insurance and how it is beneficial for the customers and the companies.
Online insurance refers to the buying and selling of insurance online. All retail insurance products such as cars, bikes, health, travel, home, personal, accident and critical illness insurance are available online with instant real-time policy issuance.
Importance of online life insurance is increasing day by day because it provides the facility of time saving and convenience. As in today’s competitive world, people have less time to spend with family members and to think about their family requirements.
With the increase in online banking transactions more consumers are becoming comfortable with online payments. As per studies, most online buyers are males aged between 28-40 in SEC A & B with income of over Rs 10 lakh per annum. The people who are comfortable with online insurance are also comfortable with technology and seekers of information online. Increasingly customers are searching for product information and comparing features on the internet before they shop for insurance in a real environment. They are more likely to make a better-informed decision compared to the offline sales process driven by agents.
Benefits of online insurance for the customer
- Instant option with safety of payments
- Simple products
- Time saving
- Convenience: You can access the company 24×7, 365 days a year and from anywhere in the world.
- Better Pricing: As companies provides discounts to customers.
- Transparency: The insurer’s website offers all information related to the product, allowing the customer to research the product well before making a purchase.
- Extensive support by company by giving different contact options to the customers.
Benefits of online insurance for the company
- Lower cost of acquisition,
- Help companies provide cheaper products and
- Optimize distribution costs