While the online purchase of travel tickets, shares or doing financial transactions is soaring; the insurance online is not going to happen in a hurry, the Hindu Business Line reports.
They find that online sales of policy are a niche segment and being sold through various insurance broking firms like, InsuranceMall but still it controls less than 2 per cent of total premiums earned.
As per their study, currently the policies which are simple, easy to understand, short-term, and do not require medical verification from insurer, like, overseas travel insurance, car insurance and to a small extent two-wheeler insurance are brought online.
It’s believed that people buy insurance only when it is mandatory and being “sold and not bought” whether it’s car or general insurance.
Concerning over the issue, they observes for like the car insurance; a problem crops during renewal as insurers would want to physically examine the car before renewing the policy.
But the price is relatively small in car and overseas travel policies than in life or health insurance, so customers find it less risky to buy such policies online.
Mr Niraj Jain, CEO and Principal Officer, Insurance Mall, said when interviewed: “The only “hitch” is that the form has to be sent to the policyholder for signature because the digital signature is not accepted yet.”
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