The internet penetration is growing in India and the young team of working professionals are turning comfortable increasingly with the online transactions. They see surge in the e-commerce in country too. There are more than millions of people that are active on Internet and expect to turn as the biggest country through internet use. Most of the growth is drive by e-commerce as all clients are continuing to make use of online platform to buy the products and services, from bill payments to banking and books. The insurance sector is also part of the story of e-commerce growth with online insurance going fast.
With the present term plans in the industry of life insurance, they all are getting most demand and attention in segment of online insurance and with slew of new products, the motor, travel are also not behind at all. The non-life insurance plans, mainly the travel, health and motor are turning popular among the online buyers as the policies are purchased online and bring in host of advantages that are bought through offline channels. Online purchase is also fast, convenient and cheap than some more purchase mode. Online sales assist the insurers pare the operational cost around 20-25 per cent by saving the commission.
These things also include agency cost, the branches of physical cost and forms of paper proposal. This often gets passed on to consumer in form of low premium. The insurance policies that are purchased online are cheap as compared with other sales channels that have higher cover at low premium costs. The ease of access is also clear differentiators and you just need internet connection for finding the best online insurance. Moreover, to get great deals online, there are some of the benefits as instant customization, policies and issuances.