Does it make sense to buy insurance online from e-insurers

Insurance is a big business today. All kinds of insurance, be it car insurance, home insurance, health insurance, have lots of customers. For those of you who are new to this concept, insurance is defined as the contract, in which a company or a person receives financial reimbursement or protection against losses, from an insurance firm. The insurance firm pools customers’ risks to make payments much more affordable for the entity which is being insured. In the olden days, insurance was purchased manually, by directly going to the companies or through their respective agents. The process was tedious and cumbersome.

At present times, the insurance market is dominated by purchasing all the policies online. Nearly every insurance firm such as Bajaj Allianz, Aviva, TATA AIG, and Life Insurance Corporation sells its policies online. The online insurance market is growing at a rate of thirty percent per year. Nearly every big company, that has an online presence, also helps customers to purchase car insurance online. Individuals looking for insurance for any kind of brands such as Maruti, Tata, Renault, Volkswagen, etc and any type of automobile like Small cars, big cars, or Smart Utility vehicles will be able to do it with just one click over the internet. Now, people must be wondering, why the online market is growing so fast. So, let us give the advantages of purchasing insurance online.

Benefits of online insurance purchase

1. Comparison

This is one of the biggest advantages of purchasing online insurance. The online aggregator assists customers in purchasing online policies. For example, if an individual desire to purchase car insurance, then he/she can go to the no1 site www.policybazaar.com, and check out his favourite policy and purchase it instantly. Using this tool, he will be able to compare Features, Exclusions, Benefits, Inclusions, Premiums, and Car Insurance Online prices of various policies from the site, using a click.

2. A lot of time is saved.

Since, in this era, where both husband and wife work, people have very little time, for going to the company’s insurance office, standing in queues, and purchasing their favourite policies. So, they turn to the internet, since it is extremely convenient, and there is very little paperwork. Another benefit is that customers get a hard copy instantly in PDF format, without having to wait weeks for the courier.

3. The duplicate policy is issued instantly

In the past, when policyholders lost their policy documents, they had to contact agents or spend hours and hours together in a queue, filling up forms, to get their duplicate policy issued. Now, thanks to the facility of online insurance, customers get a soft copy of the policy instantly and also a hard copy. This acts as a big incentive for them to purchase their policies online.

4. Customer support is 24*7.

Another big benefit of online car insurance is the presence of 24*7 customer support. Customers can clear doubts, or ask for new services and products from the insurance firms, by contacting their customer care services. Nearly, all the customer care services are available by phone, chat, Skype, Social Media, LinkedIn, etc.