Online Insruance is The Way To Go

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Online Insurance is The Way To Go
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Changing Trend

• The growing online population in India is very
  high.
• According to Google, with more than 8 of the
  total online population of around 1.2 billion
  people, India is outranked by only the USA and
  China in the list of countries with the most
  internet users.
• The growth of telecom networks and low-cost smart
  phones will further contribute to the spread and
  use of internet in India.
• To round up, the active internet users are
  willing to make online purchases for their daily
  requirements and this makes the online story very
  interesting.

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Changing Trendcontinued

• According to Internet and Mobile Association of
  India (IAMAI), the current market segment of
  e-commerce industry in India is around US 10
  billion.
• There is huge rise expected of around US 70
  billion US 150 billion and in another level
  US 125 billion US 260 billion.
• The e-commerce industry is picking on the trend
  of the internet subscribers in India in a good
  rate.
• Also, the India internet users are accepting the
  ease of online payments for their everyday use.

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Why Insurance Companies Are Exploring Online
Platform?

• Insurance companies are exploring cost-effective
  modes of distribution since they are limited by
  regulations on the charges they can extract from
  a product sold to a customer.
• Hence, online medium is considered as an
  efficient platform to reach out to their
  customers in an efficient way.
• No wonder, the online channel as of now does not
  contribute significantly to the total sales pie,
  still it is expected to gain strong momentum in
  the coming years.

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Online Insurance for Customers

• The online life insurance plans are targeted at
  an well-informed customer who is comfortable
  enough in completing the purchase of an insurance
  policy online with little or no assistance from
  his financial planner or the insurance company.
• To be more precise, an online insurance plan is
  well designed for customers who are financially
  more knowledgeable and can themselves take
  decision on what kind of product they want to buy
  and know how much insurance they need.
• Since the online platform is very significantly
  attractive on price for the customers, many
  insurers have succeeded to get insured smartly.

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How Online Insurance Plan Works?

• Log on and input details such as age, occupation,
  any pre-existing diseases, personal details like
  marriage, etc.
• Most insurance companies allow you to choose a
  insurance policy on the basis of sum assured in
  case of death or maturity of your policy.
• You can do the necessary payments by credit or
  debit card or use online payment options.
• All insurance company would need your helpful
  documents for the know your customer compliance
  formalities.
• For your comfort, a company representative would
  come over and collect all your important
  documents like proof of identity, address
  details, etc.
• Depending on the life cover you have chosen, you
  would be required to provide scanned and signed
  copy of the documents which can be submitted
  online or can courier them to the life insurer.
• You can easily track your policy online.
• Online, you can get your premium receipt, premium
  payment reminders, policy statement, etc

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Why Buy Online Insurance Policy?

• The online platform brings down the distribution
  costs in an effective manner.
• Customers can buy insurance directly from home
  and do not have to wait at an agents office.
• Easier communications made through emails, SMSes.
• They are more informed about the insurance plan
  and the life cover provided.
• One can compare insurance policies offered at
  different companies and this can help them take a
  decision wisely.
• You can evaluate brands, company history.
• Online you can calculate your insurance premium.
• Today several companies are offering online term
  plan with highly competitive pricing.
• To cope with the price, many players are also
  offering great discounts online. You can expect
  savings of 20 to 30 on premiums for online term
  plans.

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Thank You