Why Buying Insurance Online is Better than Agents Selling Policies?
The availability of the internet has made everything quick and easy, and that’s why people are relying upon the internet for most of their daily activities. From buying groceries to managing stocks, everything can be done online now. Apart from the ease of the process, the online medium has also minimized the risk of fraudulence and has allowed people to make well-informed decisions. All these advantages of the internet have allowed people to move from the traditional method of buying insurance through an agent to the online mode of purchase.
With so many advantages of the internet, buying insurance through an agent doesn’t sound like a wise decision. But still many people are not aware of the benefits of buying an insurance policy online and that’s why they are still totally dependent upon their agent which is not a great decision. So let’s understand through this article why buying insurance online is better than agents selling policies.
Table Content
1. Complete Product Knowledge
No matter how qualified or experienced your neighborhood insurance agent is, he/she will never be able to help you with information about all the insurance products available in the market. But while buying through an online medium, you will be able to make a well-informed decision as all the insurance products are available to be purchased online. It also allows you to choose the best policy for yourself because you get a wide range of options to choose from.
2. Comparisons
This is one of the most important steps while buying an insurance policy. Always compare insurance plans to know the best one suited for your needs and it is only possible to do so online rather than meeting several agents to get complete information. Getting on to a website like comparepolicy.com which provides detailed information about all insurance plans offered by all companies is the first step towards comparison and buying the best insurance policy for you and your family members.
3. Detailed Terms and Conditions
An agent will only share the broad terms of the policy that he thinks are necessary for you to know rather than giving you comprehensive coverage of terms and conditions. On the other hand, when you buy insurance online, you get to study the complete details beforehand to understand what you’re getting into so as to be able to make an informed decision. It is requisite to know your side of the deal as well as what the insurance provider is offering before you put your money in a policy that is meant to help you with your medical needs. Agreed that it is a bit technical, but then it is better to study them in advance and get your doubts cleared by discussing it with the concerned insurance company’s executive over the phone rather than landing in trouble at a later date. Based on this detailed information you can compare life insurance plans online.
4. Payment
Another factor that works in favor of buying an insurance policy on the internet is the ease of making payments. You don’t have to go anywhere, don’t have to issue cheques and wait for them to explain or get into any financial complications. Simply pressing a button helps you buy a policy and get your insurance certificate generated, then and there without any delays. Whether you use a debit card, a credit card, or net banking, there are different ways to help you make payment! With an agent, however, you have to coordinate, wait for days and even then be not sure if payments are happening on time or if there are problems with the entire process.
5. Convenience
This is, of course, the easiest way of purchasing insurance for your family. You don’t have to leave the comforts of your home or office, don’t have to wait for the morning, noon or evening, and won’t even have to worry about whether it is a Sunday or a public holiday. You can buy insurance online any time; anywhere you want as per your schedule and convenience.
6. No Mis-Selling
The practice of mis-selling by insurance agents is very much common in the insurance sector. This is mainly because, instead of selling a policy according to the need and the situation of the customer, the agent tries to sell the policy, according to his commission. The agent can exaggerate the benefits and can hide the limitations of the policy, to make it look like the best policy in the market. But while buying through an online medium, you completely wipe out the chances of mis-spelling as there is no involvement of an agent or broker and you buy directly from the company.
Basic Difference
| Category | Online | Agent |
| About Policy | In the last few years, the way India is moving towards total digitalization, in upcoming years everything will be available online. The Internet plays a significant role in getting knowledge about any topic. In today’s time, every piece of information about the policy is available online and with the help of the internet, the research for getting the best policy is too easy. | Buying insurance policies from agents is now out of fashion because with the advent of the internet, no one buys policies from agents. Buying policy through an agent is time taking process, and to be honest, the agent can sell any policy to you for commission, and apart from this whether the policy is of your meaning or not it does not matter to the agent. |
| Comparison & Transaction | With the help of the internet, you can compare the plan of all insurance companies and after that, you can choose the plan as per your pocket allow. From comparing to buying policy everything is possible with the help of the internet, just buy the policy and pay the amount online. You can also pay a monthly premium through the internet, and the payment mode is very safe for every particular website. | Buying a policy through an agent means he/she’ll only offer you that policy through which he is going to get more commission, there is no chance of comparison between policies, and if the agent is registered with the specific company then he will offer you the policy of specific insurance company. The insurance agent only knows the commission, the policy in which the commission is high is offered to you. |
| Filing Claim | Internet is a storehouse of knowledge and whatever question you ask, you will get complete and accurate answers. How to claim if you have taken the policy online? You can get the answer in two ways, first is by searching on Google and reading the content available on the internet or by calling your insurer on the customer service number. | If you bought a policy through an agent then you have to remember the agent while you want to claim, the agent will claim on your behalf of you and you will get whatever your coverage is, and the whole procedure will go through with the agent. |
Hope this helps you in getting a better picture of buying an insurance plan online. Not only is it handy and easy to do, but it is also where the future lies. When it’s a matter of your health, you only deserve the best insurance policy.
