Things are moving at lightning speed. Now and then, we hear about some company breaking the norms and building a new path that could make the world a better place to live.
Digitization, of course, has played a significant role. It has changed the way we buy and do things. And as digitization is playing an important role in making things simple and changing lives for the better, more and more industries and businesses are opting for digital transformation. Insurance is no exception to it.
Almost all insurance companies have adopted digital transformation. Now, you can buy from their official website. And in minutes, you receive your insurance policy. Moreover, there are many other online platform options of web-aggregators and brokerage firms like Policybazaar, Coverfox, Probus Insurance, PolicyX, OneInsure, who have taken the insurance space to a whole new level.
Insurance companies are seeing their web-portal as another channel to reach out to the customers. No doubt, InsurTech is focusing on Millennials and Gen Z to make them aware and help them in making the right financial planning. And since they are tech-savvy, it makes sense.
Let’s see how digitization and InsurTechs are changing our lives for the better. And, how it can help you in buying the right life insurance policy online as per your requirements.
Life Insurance at your fingertips
The online insurance web-aggregators and brokerage firms have changed the way one used to buy insurance. It is not just about buying online or checking policy details and premiums, but much more than that. Brokerage companies like Probus Insurance, lets you compare life insurance premium quotes offered by different life insurance companies. Also, you can renew your previous year’s policy, port from one insurer to another, all on just a few clicks.
Moreover, digitisation has made sure there is no more mis-selling or forcing of a policy upon a customer. Everything is transparent; the customer has all the information readily available with regards to inclusions, exclusions, benefits, and payouts before buying the policy.
Buy Right Life Insurance Plan at the Right Time
One of the most important and complex insurance products is life insurance.
The umbrella of life insurance cover products like Term plan, ULIP, Endowment, Money back, Child Plan, Retirement or Pension plan, each offering different goal and covering various financial risks.
Knowing and buying the right type of life insurance plan at various life stages is one of the most crucial decisions you would make.
For instance, knowing when it is a good time to buy a term life plan or which retirement plan suits you the best at the age of 45 years is quite essential. Because a wrong plan could backfire your financial planning, it is necessary to have the right knowledge.
Of course, who doesn’t like an expert’s take on anything?
Thus, you will find that all the insurance companies and web-aggregators have a full-fledged team of experts, support, and sales. Not just that, there are online web-aggregators who are taking advantage of AI and chatbots like Ask Arvi, Coverfox, Probus Insurance, etc.
You can also buy goal based life insurance policies to achieve your financial goals at various stages of your life.
Make the Right Decision When Buying Life Insurance Policy Online
- Compare life insurance plans offered by different insurance companies
- Check inclusions and exclusions of the plans on offer
- Talk to an insurance expert
- Choose goal based life insurance plans for children’s education, dream home, child’s marriage, retirement, and wealth building.
Advantage of Online Insurance Portal
Most online aggregators or portals will provide you with pre and post services. However, there are a few simple, but worthy points to look for:
- Complete transparency to make an informed decision
- Analysing your insurance needs
- Customize life insurance policy with coverage, policy term, payment, payouts, riders, etc.
- Online insurance advisory support via calls and live chats.
- Quick and robust claims assistance
In case you want to see just the premium quotes, you can see that on any of the online portals. However, most companies would ask for your contact details, except Probus Insurance. Also, their interface is quite simple and straight, and the portal is simple, user-friendly, and free from industry jargons.
Which portal to buy from is completely a personal choice. However, apart from the above pointers, you should also check the web interface of the companies, talk to their pre-sales team to know their customer service support and after sales assistance, read reviews, and check their privacy policies.
Author: Sumit Asrani
Sumit Asrani is a Mumbai based writer. His blood cells are woven with Hypergraphia, as he breathes in books; he exhales words and sneezes poetry on Instagram. Captivated by the web-of-words, he’s trying to escape miraculously by weaving words on insurance space, digital marketing, and creativity.