The term ‘Online Insurance’ is used broadly for the provision of buying and selling insurance products online. Actually the product called insurance is a very easy product to be sold online for a very important reason. As the insurance is subject to utmost good faith, the seller and the buyer are having absolute duties to communicate the facts which are very much material. This online communication is very much important as otherwise the contract becomes void.
Types of Online Insurance
In most business types, a hundred percentage digitalization of the insurance is not feasible. But, yet many types of personal insurances are conducted through online. The following are some of the common insurance types that are available online.
· Motor Insurance
· Property Insurance
· Travel Insurance
· Medical Insurance
The Advantages of Online Insurance
Time saving: Insurance sold online can save our time as it is easily accessible and because of the well defined steps in buying the product. You can decide the time that you want to spend on it!
No physical agents: There are no marketing dramas of physical insurance agents and the possibility of fraud is also less.
Clear information: As the official website provide clear information on the products, you can escape from manipulated brochures or the benefit you receive.
Projected Calculations: As the embedded software help you to do the whole calculations, it is easier than ever.
Documentation: The documentation will be online and at your desktop or even at your laptop anytime.
Accessibility: The accessibility of the product is also at your fingertips. Even after you buy a product further documentation and status can be checked using the internet at ease.
Variety: As the online media is very much transparent, you can compare the benefits of one product to the other and finally make a purchase decision. Thus there can be a variety of options in front of you.
Safety and privacy: Many of the insurance companies never ask you your contact information allowing utmost privacy for online insurance customers. The payment method using payment gateways are also a safe method till now.
Some of the Challenges
The complete life cycle of insurance is not always done through online method. Most of them just provide the quote through online and rest of the process is done using paper. Paperless transactions are still a distant dream in many of the countries where the formalities are strict enough. For example in gulf countries like Oman and United Arab Emirates it is compulsory to give an Arabic certificate of insurance before registering the car. The certificate must have a physical stamp of the issuing company. As a physical stamp is needed the concept of a full online insurance does not work out. That is the reason many of the motor insurance websites of the gulf region provide you online quotes and rest of the procedure offline.
Many of the under developed countries are still not using internet as a first hand media option, as they face difficulties in getting connected to the internet. As the broadband high speed connections increase across the world, the scope of all online products including that of insurance will be better.
The Most Recent Trend
As the global economy fell down and many of the employees got their pink slips, and the employer sponsored insurance is also stopped for them. As the health insurance is the part of a life in countries like United States, they are now searching online for private insurers to insure their health. As the option of online insurance is available now, the demand for physical agents is also drastically reduced. Most of the websites provide detailed information about the products and their benefits in an elaborated way, thus making the customers their own insurance agents.
The variety of options, the privacy and easy accessibility has attracted a big percentage of people towards online Insurance. Thus online insurance has become a symbol of the new age life.
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