Insurance, Just a Click Away

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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.
• 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.

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• Indias Online Population
• Indias growing online population is hard to
  ignore. According to Google, with 8 of the total
  online population of 1.2 billion, India is
  outranked by only the USA and China in the list
  of countries with the most Internet users. The
  proliferation of high-speed 3G and 4G telecom
  networks in the country and the spread of
  low-cost smartphones will further spread and
  support the use of Internet in India. This growth
  along with the fact that more online users in
  India are willing to make purchases through the
  Internet makes the online story very compelling.
  Overall, the ecommerce industry is poised to
  experience a high growth in the next couple of
  years.

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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 Term
  Insurance India 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.
• These points are strong incentives for a life
  insurer to work towards creating an online
  platform that is comprehensive to aid a high
  involvement purchase. The good news is that a lot
  of insurers have already succeeded making online
  platforms even more attractive because of the
  smart prices.
• 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.

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• 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.
• Managing an online life insurance plan is similar
  to a normal plan, and can be conveniently tracked
  online. As a life insurance contract is based on
  utmost good faith, it is critical for an
  individual to adhere to complete disclosure of
  material information while applying for the
  policy.
• Advantages of Online Term Insurance
• 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.

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• 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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