Is there an investment opportunity in PSP Projects shares?

The pandemic has transformed the distribution channel of insurance with an urgent need to adopt digitization to reach the masses in unprecedented circumstances. While digitization is ensuring a deeper penetration for insurance companies by reaching the wider audience residing at every nook and corner of the country. At the same time, digitization is an equally valuable transition for customers as the entire process of online insurance purchase can help customers in making a profitable acquisition.

There are an array of things that customers must consider to make effective use of the online insurance products and schemes.

More options to chose from

Vis-a-Vis to personal selling that is based on the commission and personal motives, online web aggregator offers a bouquet of insurance plans offering by various companies. The insurance products were offered and sold based on choice and understanding of the agents that largely remained restricted to the number of health or term insurance schemes. Therefore, people must dig deeper into the details and features of maximum plans available on the insurance aggregator’s website at their own pace.

Compare policies

The second beneficial feature offered by web insurance aggregator is the comparison where an interested applicant can easily evaluate the best insurance option for himself/herself. The online web insurance aggregator provides a comprehensive comparison on different parameters such as sum insured, premium, tenure, features and benefits. The aspiring customers must utilize this feature to understand the different offerings of various plans and finally making the right selection of the plan which goes closest to fulfilling their medical requirements and plans with regards to health insurance and term insurance respectively.

In the books of insurance, the exclusions are as important as the features and benefits of the insurance plans as they guide the customers in using the insurance scheme. But in the case of personal selling of insurance, agents generally emphasize the advantages of the insurance scheme leaving the exclusions in the dark. On the contrary, web insurance always makes the clear mention of the exclusion which can lead to the rejection of claims. Customers can easily read and thoroughly take note of these points in order to keep the entire document terms & conditions transparent.

Lesser scope for errors

It is witnessed that mostly insurance applications are rejected because of errors made in the forms filled in an offline application. This majorly happens because agents fill forms on behalf of customers and since they interact with a large set of people, they tend to mix up the information which leads to errors in insurance forms. Wherein the web insurance aggregator has a simplified process to submit an application that can be filled by the applicant on its own. Thus, the chances of application getting rejected are quite rare because the applicant fills their information on their own thus applicants must take this opportunity to carefully fill the form for the issuance of the plan without any hassle.

Insurance requires complete assistance especially at the time of claim settlement or any other situation required by the insured. In case of online purchase, the insured has the freedom to approach the customer care during the working hours of the aggregator to get complete assistance where the multiple insurance experts are available for instant help, wherein rushing after the agent always creates a challenge in getting the assistance at the desirable hour. Therefore, the insured can easily seek a free hand on complete support from online players.

Informed decision

Online web insurance destinations work more like an informative source of information that offers complete and extra information desired about customers. Customers can search, read and gain information about the various plans and offers which agents might not be able to share in a restricted time frame. By gaining knowledge more about different schemes and plans available especially about investment and retirement plans, the customers can actually build a strong portfolio strategically.

Hence in the age of digitisation when customers are gaining numerous benefits of online buying from discounts to vouchers, they must also set foot into the digitized world of insurance to reap the benefits.

(The author is Founder & CEO, PolicyX.com; views expressed are personal)