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What Is E-commerce Insurance?
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What exactly is online insurance?
The business of insurance on the internet is broadly known as online insurance. The entire process of looking for the suitable plans, buying them, making claims, renewing them and servicing them from time to time can be done online. The insurance industry has evolved quite a bit over the last few years and made it easier for people to get insurance. The advent of online insurance has truly been a blessing.
How does online insurance work?
Let us now understand how the world of e-commerce insurance works. Buying insurance online is very convenient. You can log in from any mobile device or your own personal computer.
Then you can:
• Search for the type of insurance plan you are looking for
• Enter your personal details and requirements
• Run a quick and free online comparison of the available options
• Select the plan you like
• Fill in the application form
• Pay the premium
• Get the insurance policy in your name.
In most cases, the process is actually this simple. At times though, some insurance providers ask for additional health checks. This happens in the case of some life insurance and some health insurance plans. Even with the added checks, the online plans are more accessible and easy to obtain.
What are the main benefits of online insurance?
Apart from the ease of accessibility, the online insurance plans have many other benefits too. Some of them are:
1. Convenience: One of the biggest advantages of online insurance is that it is always available. You can access the plans at any time of the day or even in the middle of the night! You do not have to adhere to the insurers’ working hours or any such norms. The entire process is computerised and hence is convenient, error free and very easy to use.
2. Less costly: When you buy an offline insurance plan, in most cases, you end up paying a brokerage fee. The insurance company also needs to process your application and file the papers. These factors push up the overall price of the policies and you have to bear the costs. However, when you buy the policy online, a lot of these costs are negated and this makes the online insurance plans a lot cheaper. So if you are looking for an economic option, the online plans may be very suitable for you.
3. Instant approval: When you apply for an insurance plan online, you are immediately given an approval. Even if the application is not approved, you are notified about it right away. So you get to save a lot of time in the process.
4. Less paperwork: A very big advantage of buying insurance online is that you don't have to worry about tons of documents to submit. Most online insurance plans require you to submit only some very basic documents. This makes the process all the more simplified and easy for you.
5. Customer support: Many people are concerned about the after sales service of the online insurance plans since there is no agent involved in the process. However, there is no reason to worry. Most of the modern day insurance providers have excellent customer support teams that offer their assistance whenever a policyholder needs it. So even without an agent’s help, you can service or renew your insurance plan as and when a need arises.
Are all types of insurance plans available online?
In today’s day and age, a large variety of insurance plans are available online. We find life insurance plans, term plans, health insurance plans, motor insurance plans, travel insurance plans, home insurance plans and most other types of insurance policies online. In all likelihood, you will find a plan of your choice when you buy insurance online. You may need to run a comparison check to find the best plan, but once that is done, you will be able to walk away with an excellent insurance cover for your specific requirements.
So, as you can clearly see from the points mentioned above, e-commerce insurance has changed the face of the insurance business in India. Gone are the days when you had to run from one office to the other just to get an insurance application approved. Now you can sit at home and make use of the many advantages that online insurance offers. If you need an insurance plan, just log on and explore the wonderful world of e-commerce insurance that is waiting for you!
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