Buying insurance has always been a tough decision for consumers with so many options, so much of process and paper work. However taking it online makes the job simpler by easily presenting different options side by side, providing a self enabled panel to the consumers for selecting their choice of options, playing around with various permutations and easily submitting the details for insurance. This is the reason insurance has evolved as a mature offering in online space across the globe, and from the past few years in India as well. The space has evolved with many aggregators and some direct players with online presence, and shall continue to see a lots of action in time to come.
Understanding the opportunity in online businesses, Bharti Axa’s general insurance arm has recently evolved a digital strategy and ventured online with an aim to sell general insurance policies online to the consumers. At present, the policies are available across categories such as motor, health, home, personal and critical illness insurances.
The move came in after the Bharti Axa’s team conduct a recent research on insurance buying patterns across three cities viz. Mumbai, New Delhi and Bangalore. Findings highlight that there is a need for hassle free buying experience among online insurance buyers. Also, customers prefer guidance and assistance; and avoid too much documentations which discourages the insurance buying. Insurance renewals creates easy clients.
We can find that on the Axa’s website, customers can get a quick quote on various policies offered, select the one that suits them and proceed to payment online. They have also tried to keep descriptions clear with various inclusions/exclusions and claim details.
“Our website is a strategic step in our overall digital strategy and we hope it will only boost the overall insurance penetration in the country by widening the access to insurance across the country, irrespective of physical presence” said Dr Amarnath Ananthanarayanan, MD and CEO, Bharti Axa General Insurance.
Currently, as told by the company, claimants can readily access their garage and hospital networks across the country on the website to take a quick decision on their claims. The company is looking at further strengthening its service network and focusing on the underserved segment, especially in tier-II and III cities. It already has a cashless network of over 2000 garages and 3900 hospitals pan India. With its new website, these products are now accessible across the country irrespective of physical presence.
Previously, Bajaj Allianz had partnered with a US agent Berkshire to provide a similar service of selling insurance online. However, as per recent reports, the US company had closed down its operations with Bajaj Allianz, as the plan failed to gain traction among its customers.
Though many insurance companies are selling their products online, consumers mostly need to compare the available products. Hence there is likely to be high traction on the sites providing different brand options to consumers, but the direct players website shall attract brand loyal consumers and make it easy for those who wish to renew their policies.
Traditionally taking insurance has been made a lot easier than filing and processing the claims, and it is another big opportunity for online to enable claim initiation and processing.
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