Why online insurance is better than offline insurance!

The service sector did big business in India with a key contribution from internet platforms in last 5 years. The success of online insurance gave the insurance sector a new way of doing business.

Buying offline insurance-the earlier trend

From offline to online insurance, the Indian insurance market has seen a major change in trends. The awareness of buying an insurance policy had spread way back, when the first insurance company was established. Today thousands of insurance policies are bought every year. Long gone are the days when people solely depended on their insurance agents to buy the finest insurance policy.

Sitting in the agent’s office and knowing about available insurance plans was a common practice, a decade ago. Sometimes, people had to repeatedly visit the insurance agent, just to check out available insurance plans and compare their features. With no insurance calculators and no online quotes, comparison was a lengthy process.

Buying online insurance-the current trend

Thanks to the technically advanced internet facilities, buying insurance policies online is now simplified. With growth in technology and easy to use internet platforms, buying an insurance policy online is not a big deal. Whether you are at your home or in your office, or even at a friend’s place, you can buy insurance online. You simply need a computer and an internet connection.

With a remarkable growth in use of net, the Indian insurance companies have improved their online presence in last few years. The latest digital marketing strategies, internet marketing, social media and online promotion ideas assist the insurance companies to attract more buyers. The sale of insurance policies online went up in last few years and it is expected to rise further in the future.

Difference between offline and online insurance

• Buying an online insurance policy is very simple, as compared to buying it offline.
• Online selling does away with face to face conversation, which most people find time consuming.
• Comparing different insurance policies on the net is simple and hassle free. Tools like online insurance quotes and premium calculators simplify the comparison.
• online insurance assists the buyers to save the operational costs by 20% to 25%. Buyers can save physical costs of visiting the insurance agents, cost of the agency and documentation.
• Compared to offline insurance policies, the policies purchased on the net are cheaper.
• Buyers can have easy access to all different types of insurance policies in just a few clicks. On the other hand, studying all different policies and their features, via face-to-face conversion with an agent, would need more time. Comparing all possible insurance policies simultaneously is possible, when you are online.
• One of the major points of difference between an offline and online insurance is that an online insurance policy gives you the power to make a well informed decision.
• If you decide to purchase an insurance policy online, you have the facility of toll-free numbers, where you can make a call to clear any doubts. With this, instant decision making is possible.

The practice of buying insurance policies online is increasing. Considering the technical edge offered by online platforms, online insurance sector is gaining an upper hand over offline insurance.