Life Insurance, Just a Click Away!

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Life Insurance, Just a Click Away!
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• Life insurance is a unique product. As its a
  high involvement purchase, you tend to spend time
  with your financial planner discussing financial
  goals, comparing plans, reading the brochure and
  checking the illustrations to finally choose one
  that suits your needs.

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• Thats how a life insurance
  has been sold for ages. On the other hand, its
  hard to imagine replicating this involved buying
  process online just as easily as purchasing
  either an airline ticket or a book, online. This
  might be hard to believe, but insurers are
  working hard to make this change happen. Why?
  Here are quite a few reasons.
• Indias Online Population

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• Cost-effective Models
• Insurance companies
  are also exploring cost-effective modes of
  distribution since they are constrained by
  regulations on the charges they can extract from
  a product sold to a customer. Disintermediation
  through an online platform is seen as a way to
  reach out to customers in an efficient way.
  Though the online channel, as of now, does not
  contribute significantly to the total sales pie,
  this mode of distribution is expected to gain
  solid momentum in the coming years. This is also
  in line with what we are seeing in some of the
  developed markets.

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• Financially Aware Customers
• The young
  demographics that constitute a significant market
  segment is more comfortable evaluating and
  controlling their choices, which the online
  platform allows for. Online life insurance plans
  are targeted at an informed customer who
  understands his/her liabilities and the extent of
  cover needed for them, and who is also fairly
  conversant with online purchase practices. This
  is a customer who is comfortable completing the
  purchase of an insurance policy with little or no
  assistance from a financial planner or the
  insurance company.

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• How to Start and Manage an Online Life Insurance
• You simply log on and key in
  details such as age, occupation, pre-existing
  diseases and other personal details. Most
  insurance companies allow you to choose a policy
  on the basis of sum assured in case of death or
  on maturity of the policy. You can pay by a
  credit or debit card or use online bank
  transfers.
• As the life
  insurance company would need your documents for
  the know your customer (KYC) compliance
  formalities, a company representative would come
  over and collect proof of identity, address, date
  of birth, etc. Alternatively scanned and signed
  copy of the documents can be submitted online by
  the customer or can courier it to the life
  insurer. The policy documents follow a few days
  later. Also, a medical test might be required
  depending on the life cover thats selected.
• Advantages of Online Life Insurance

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• The online platform lowers the distribution costs
  and allows customers to buy directly, thereby
  pricing the product attractively. Moreover, the
  customer is more informed about the plan and its
  features, which in turn aid in making an informed
  choice.
• Today, several life insurance companies are
  offering online term plans with highly
  competitive pricing. Several insurance players
  also offer great discounts online. You may expect
  savings of 20 to 30 on premium payments on
  online term plans.
• The process is simple as well. As most online
  life insurance buyers are informed customers and
  are already aware of the product they wish to
  purchase, online buying process helps them enjoy
  the user experience.
• You can buy insurance from home without spending
  hours at an agents office. All communication
  happens via emails or SMS, which are faster and
  more reliable than courier or post. Payment
  process is also like any other ecommerce
  transaction. So, it is quick and convenient for a
  tech-savvy buyer.
• Most importantly, the online platform lets you
  compare plans offered by diverse companies. The
  price of the term plan, claim settlement history
  and the company brand name are the parameters
  that you must evaluate before deciding on the
  company and the product.

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