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Insurance Article

Debunking 7 Myths of Online Insurance

July 21 2015

Myth vs Reality-Online Insurance

While many buyers have embraced this convenient platform of transacting, there still remain others who are apprehensive to make the change from off-line to online. These apprehensions are fuelled by the following myths. Here, we will debunk these myths and help you to understand online insurance in a better manner.

Myth 1 - Online transactions lack proper customer support

Outlook - Many insurance buyers feel that purchasing or renewing insurance online is risky as there is no customer support.

Reality - Top websites selling online insurance have a dedicated 24x7 customer helpline. Some also feature a live chat option with their customer support team. Such efficient online communication channels aid in resolving all insurance related queries quickly.

Myth 2 - You get limited information online

Outlook - There is a perception that insurance websites do not display adequate and relevant information.

Reality - Insurance companies provide all relevant information under different sections online. Detailed product pages (highlighting product features), dedicated Frequently Asked Questions (to clear common doubts), policy documents (for those who like to read the terms and conditions), and investor education (clarifying insurance terms and concepts) are some of the offerings to engage online viewers and customers.

Myth 3 - There is no transparency in online deals

Outlook - Buyers doubt the transparency of the online purchase process.

Reality - Insurance companies have defined every step clearly for the online buyer. Right from ‘quoting the premium amount’ to ‘receiving the policy copy’, the entire purchase or renewal process is extremely user-friendly and transparent. The process prompts the buyer to read and accept the terms before making a payment for the policy. Besides, you get your policy instantly via email.

Myth 4 - Online insurance policies are time-consuming

Outlook - Insurance buyers are of the opinion that online renewal and purchase procedure is time-consuming.

Reality - You can purchase an insurance policy in the time it takes for you to go to your closest grocery store and purchase one-kilo tomatoes! This time taken involves, researching for the right insurance policy, choosing one that is best-suited, making the payment, and getting an online receipt, it cannot get quicker that this!

Myth 5 - Insurance bought online lacks credibility

Outlook - Insurance seekers consider purchasing a policy directly from the insurance company’s website unreliable.

Reality - Insurance companies sell policies directly (without any third party) via their websites. There is no question of lacking credibility as the insurance company itself is involved in the process and its brand name is at stake.

Myth 6 - Buying or renewing policies online is a complicated process

Outlook - Insurance buyers find it confusing to purchase insurance online.

Reality - Transacting online is a simple process that can be followed easily by clicking a few buttons. Once can purchase or renew insurance policies easily by following a step-by-step process that involves selecting the policy, filling out a short and simple online form and making the payment.

Myth 7 - Online payments are not secure

Outlook - Online buyers feel insecure while sharing financial details about their debit/credit card.

Reality - Insurance companies ensure to process premium payments via a secure and verified banking portal. The company invests in resources, installs various encryptions, anti-phishing software, and firewalls to make its payment process absolutely safe.


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