“The Internet is becoming the town square for the global village of tomorrow.” When Bill Gates uttered these famous words, one wonders if he knew it would be a $1.5 trillion industry by the year 2015. Spending money to go to stores, instead of bringing stores to you, is like riding a horse to work while your Mercedes is adorning your garage. The way the industry is growing, and with the solutions it provides to the customers, Ecommerce is the future.
The Insurance sector, especially general insurance, has stepped up its game and brought its services online. However, the Indian market has been functioning on the concept of touch-and-buy, and the sudden change in this factor is not easily welcomed. Especially, where financial services are concerned, consumers prefer to have a human touch to the transaction. It’s human nature to repel change, no matter how uncomfortable our current situation might be.
If you’ve bought car, you know that the process of buying insurance policy from an agent is not only cumbersome, but also inconvenient and unreliable. For us, reducing the interaction through agents sashaying into our lives, and directly with the brand, was a reason good enough to shift to buying car policies online.
If you’re looking for more reasons to go the online way, look no further! Following are few ways how buying policy online would benefit a customer.
First hand information and interaction with the Brand
Whenever one thinks of the term “insurance”, the first thing that comes to mind is the countless stories of mis-selling. Buying car insurance offline doesn’t let you interact with the brand, but with the agent representing such brand. Hence, you are completely at the mercy of the agent. On the other hand, while purchasing insurance online, you have all the information at your disposal. You can compare prices, policies, companies and testimonies of various companies at your own convenience, before choosing the best option for your car insurance.
If you visit websites like coverfox.com, you will find a comparison of more than 30 insurance companies, letting you choose the best policy for your needs. One word – options!
So the money goes to the right hands. The question is, how much money?
If you have ever shopped online, you know the favourite word of the e-stores – discounts! One of the biggest advantages of Ecommerce industry is reduced cost for the service provider in the form of reduction in infrastructure, employee and distribution cost. This creates a win-win situation for all parties – the service provider can retain a better margin, and also, provide a cheaper price to the consumer. Car insurance sector is no different. With substantial savings in paperwork, distribution and the likes, the cost benefit is passed on to the consumer, resulting in cheaper premiums and higher sums assured.
But the agent does all the work for me!
Can you really be sure of that? Buying new car insurance online is fast, hassle-free and accessible 24*7 from anywhere in the world, and also ensures that all the information is available to you. You can get your policy at the privacy of your homes, sitting in your boxers, or at a specifically monotonous meeting at work, simply by filling out a few forms.
What can we say; the current scenario sure shows that Bill Gates was right!