subject: Online Insurance Portal - Best Place for Insurance Companies and Customers [print this page] The insurance services in India are affected by the problem of complexity. Regular consumers fail to understand the product and merely the features that need to be contrived are highlighted in the sales process. Therefore, the essential part of the policy which the consumer should know is hidden among the small font policy wordings page.
The need of the hour is standardization. Insurance companies should bring out products that are simple to understand and there is no confusion in the consumers mind when they purchase an insurance. It should almost be like buying soap in a retail store. You know the price, you can smell out the fragrance and if there is some discount it is printed in big.
The auto insurance space is something which needs to be emulated in the life insurance space also. It does not mean that there should be no changes or innovations in the product. In fact that is preferable and companies will actually rank much higher on the consumers mind if there are tailor made products. But we require one version which is standard across all insurance companies. When you purchase that product, we are aware of the exact benefits that will accrue.
It is then that insurance companies can begin practicing the online method to sell their products. Buyers will find it easy to comprehend and will purchase it with a click of a button. As long as there is an element of doubtfulness, the consumer will always choose going through an broker, which is an expensive proposal for the insurance company as they will have to give out significant amounts as commissions to these brokers. Insurance companies will also have to train and re-train these brokers and ensure high yields to keep this costly model going.
Life insurance companies have started acting towards the same. Aegon Reliage and ICICI Prudential Life Insurance have launched term insurance plans which are quite cheap and can only be purchased online. It is only a matter of time that consumer will prefer easy and simple to use modes for buying fair products.
Online Insurance Portal - Best Place for Insurance Companies and Customers
By: Deepak Yohannan
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