Benefits of buying health insurance online

We’re living in the times of lockdowns and social distancing. That is reason enough to buy health insurance online, with no risky contact. However, there are several other benefits of buying insurance plans online. Let us look at some major advantages of buying insurance online. 

Indian health insurance companies have, over the last few years, aligned their sales processes with customer preferences. These include customized plans, easy process, and simple cost breakup, and easy premium calculations, among other factors. Insurers have eliminated tedious and cumbersome processes and provided easy and quick online purchasing options.

Let’s look at some of the key reasons to buy insurance online.

• Competitive pricing
• Convenience
• Comparison of Plans becomes easy
• Easy and secure with technology
• Provides a wider range to choose
• Purchase after calculating – online insurance calculators
• Informed decisions

Buy insurance at competitive prices

As stated in a study done by PwC, insurance companies in India have been embracing technology and digitization. This has helped remove barriers to insurance awareness and has also increased the number of customer touch-points. Online insurance also helps share valuable information and knowledge and enable easy payments and services. This in turn has made the online insurance marketplace more dynamic and competitive. Insurance companies have become more transparent and offer competitive pricing – a win-win for both the insurer and the customer. 

For more useful information, check out this super-valuable infographic on buying insurance plans.

It is convenient

In the age of smart-phones and online payment apps, buying insurance physically through an agent, filling hard copy forms and waiting for days for payments to be processed are  things of the past. Technology and digitization have improved the efficiency of insurance companies greatly. This has made it convenient for customers to buy insurance policies online, from anywhere, within a few minutes. 

It is quick

Buying health insurance online saves a lot of time. One does not need to spend time in face-to-face meetings with the insurance agent, visit the insurance company’s office or spend time in filling physical forms. The process of buying insurance online is much faster as there are no agents or physical forms involved. Once the customer zeroes in on the policy they want to purchase, they can complete the process of buying the policy with just a few clicks on the insurance company’s website or on online insurance marketplaces.

Comparison of plans becomes a lot simpler

Whereas traditionally, customers had to jot down the pros and cons of different health insurance plans on a piece of paper when buying health insurance, comparison of plans has become much easier now. 

Apart from comparative reviews of health insurance plans written by experts, it is easy for a customer to open the websites of different insurance companies and compare plans. Moreover, online insurance marketplaces, such as IIFL, provide comparative articles and reviews of different plans, which make the process of comparison easier and faster. They also give the added advantage of unbiased and objective advice in choosing the right policy.

Technology has made financial transactions easy and secure

Digital natives prefer fast purchases and transactions. They are open to and adapt to new technology and online purchases easily. The rise of Fintech and Insuretech companies and platforms has made online insurance transactions easy and secure. Whether it is buying a new insurance plan or renewing an existing plan or placing a request for porting an insurance plan, online platforms have made it easy for customers. Just like buying consumer goods and items, customers want ease and convenience of buying insurance online, too. With multiple levels of online security, the entire online process has also become a lot safer.

More options to choose from

When customers buy insurance online, they can choose from a wider range of options compared to when buying insurance through an insurance agent or company. For instance, a 35-year-old married man would be more inclined to buy a family health insurance plan as opposed to an individual health insurance plan. Similarly, an expecting mom-to-be would be interested to know about maternity insurance since it’s truly the need of the hour.

It’s quite simple, an insurance agent might recommend insurance plans that are more profitable to them or their personal preferences might influence their sales and marketing efforts. But when a customer looks for insurance options online, they are free to choose the company and the plan from the hundreds of options available on the Internet. This helps them easily find special policies like top up plans that are cost-effective. It becomes of a pull-strategy to policy buying compared to the push strategy that most of us are used to.

Greater inclusion and access to insurance products

The facilities and options of buying insurance online have made it easy for customers to gain access to insurance products. A couple of years back, a person in a village could not buy an insurance policy without the help of an agent or without travelling to a city to make a purchase. But today, they can buy insurance online from the remotest part of the country. They just need access to the internet and a payment gateway. Hence, customers do not have to worry about having to travel to a town or a city just to pay premiums or to buy or renew an insurance policy.

Buy any time, from anywhere

When you buy insurance online, you are the master of the process. The process of buying insurance online is even more beneficial in times like the Coronavirus pandemic that has made social distancing and no-contact transactions a necessity. Online buying options make buying, renewing and insurance payments easier, quicker and safer.

E.g. a number of people have not been able to get back to their homes due to the sudden outbreak and uncertainty around the pandemic. In such a situation they could make premium payments online and buy insurance policies safely from anywhere in the world.

Online premium calculators help make purchases based on calculations

Most health insurance companies have online premium calculators on their websites. This makes it easy for customers to first calculate the premium of a plan based on their individual requirements and then make purchase decisions. These calculators provide very credible approximations. This process eliminates options that are out of one’s budget immediately. 

Many insurance companies provide discounts when customers pay premiums for two or three years at a go. Customers can use the online insurance premium calculators to work out the premium amount before buying a policy.

All credible insurance companies provide online buying options

To meet the requirements and preferences of digitally-savvy customers, insurance companies and finance companies have adapted to digital transformation much faster compared to other industries. 

Today, all credible insurance companies have an efficient, functional and up-to-date website that provides comprehensive and detailed information to customers. Moreover with the help of chatbots and 24/7 online customer service, insurers ensure they provide seamless and efficient services to their customers.

Avoid making a hurried decision

One of the key benefits of buying insurance policies online is the luxury of time and decision-making rests with the customer. There are no agents or middlemen who hurry customers to make purchases. Customers can take their time to carefully compare plans, assess the pros and cons of different products, calculate premiums and costs with the help of online aggregators, and then make a purchase.

With insurance companies taking proactive measures to meet customer demands online, why not explore the online insurance marketplace further? It makes the best of technology and online reach.