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 internet for most of their daily activities. From buying grocery to managing stocks, everything can be done online now. Apart from the ease of process, online medium has also minimized the risk of fraudulence and has allowed people to make a well-informed decision. 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 about the benefits of buying 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 that why buying insurance online is better than agents selling policies.

1. Complete Product Knowledge

No matter how qualified or experienced your neighbourhood 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 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 a 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 take an informed decision. It is a 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 favour of buying an insurance policy off 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 co-ordinate, 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 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 online medium, you completely wipe out the chances of mis-selling as there is no any involvement of an agent or broker and you buy directly from the company.

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.

Harjot Singh Narula

Harjot Narula is founder and CEO of ComparePolicy.com, an IRDAI approved insurance web aggregator focussed on selling online insurance for companies. Harjot has more than a decade of experience in software development and has also spent 5 years in US working for the mortgage and risk management industry.

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