The insurance industry has experienced different phases from 1818 till date. Globalization brought an evolution to the insurance industry. Before 2000, the government insurance sector had the authority over the market but, 2000 was the year when IRDA came into power and the private sector came into action. Yet there was much more to develop.
The Mandatory Change
The private insurance sector had full-fledged authority towards market practices, but something was still missing. The methods of making policy and data storage were outdated. Things were clumsy and lengthy. The efficiency needed to be improved. The monotonous ways of insurance practices were to be changed. Moreover, the misconception of agents and commission was to be uprooted.
Piles of files could be seen all over the insurance industry office. The insurance companies needed to make the insurance policies interesting and presentable to the public. It could be helpful to the commoners to safeguard their finances and future but who was to convince them.
The convincing power was lacking somewhere, and that was one of the reasons people were less interested in investing in the insurance sector. The heavy paperwork hard to understand and hectic to handle was also one of the reasons for the lack of interest of the public in the insurance sector.
This was to be tackled somehow and then the technologies acted as the savior to the insurance companies as well as the buyers.
Technologies: The Savior
The arrival of technologies has brought great relief to both the insurance sector and the buyers. Things have become super easy. The graphics and the interesting images have replaced the monotonous paperwork. The customer user dashboard gifted by the software engineers has proved to be blessings to the buyers. All the required facts are presented in an eye-catching manner.
Facts and figures are stored in the computer system in a more organized manner. There are no more piles of files lying all over the office. The world is becoming smarter with technologies. Adding on to this, the web aggregators came to the rescue of the policy buyers. Now we have an answer to your question:
Who Are Insurance Web Aggregator?
The web aggregator is a company registered under the Companies Act and approved by IRDA, which is the whole and sole regulatory body for all the insurance companies in India.
Role Of Insurance Web Aggregator
Web aggregator plays an essential role in the insurance sector. It provides all the information relating to insurance and policy. You can opt for one of the most trusted and leading web aggregators available online.
Moreover, it saves time and energy. With the help of a web aggregator, you can compare multiple quotes effortlessly. The questions relating to insurance eligibility and other charges can also be resolved. Here are the advantages of approaching through a web aggregator:
Benefits of A Insurance Web Aggregator
- Get Over Extra Cost: The commission term was common in the insurance sector, but it has vanished with the arrival of web aggregators. They provide you with only details relating to policies you are interested in without charging a single penny. The role of agents in the insurance sector was considered essential in history. But, with globalization, you have computers that provide better and authentic research results.
- Safety From Insurance Frauds: Digital insurance acts as a barrier to insurance fraud. It prevents the ambiguity in policies as per different agents. The agents to sell the policies for their benefit used to mold the terms and conditions. The web aggregators only present the facts and figures. With the launch of the technology, all such frauds have decreased in number.
- Web Aggregators, A Helping Hand: Web aggregators play an important role in the insurance sector. It acts as a connector between the policy buyers and the insurance companies. All the policies are available online to be bought and in case of any confusion or doubts, the customer care service is always available at the service of policy buyers.
The Survey Says
According to PwC India’s Insurance Technology Adoption Survey 2019, the survey of customers, agents, and insurers has brought forth how the whole insurance ecosystem in India is transforming as a result of upcoming trends of customers' requirements and expectations. The easy online access to the insurance policy and claim facilities provided by the insurance companies have attracted the customers in large numbers.
“With written gross premiums of USD 94.48 billion in the FY18, the Indian Industry is the fifteenth largest in the world in terms of premium volume,” says the PWC survey.
Let us see in detail what relief digitization brought to the customers and the insurance sector.
Digitization Brought Relief To Insurance Sector
In 2016 the IRDA, insurance regulatory body of India passed a judgment that all the insurance policies bought or sold need to be in e-format from October. This brought several changes in the insurance sector. The insurance companies in the private sector acted under IRDA commencements and the customer service window was changed keeping in mind all the requirements of the customers.
This Brought Several Changes Like
- Use Of Technology: The use of technology in the insurance sector proved both time and energy saving. All the works online made things super fast. Everything is a click away.
- Changes In Past & Present: The monotonous paper presentation in black and white is replaced with colorful interesting infographics. These are eye-catching as well as informative.
- Information Management and Reduced Staff Challenges: Keeping hard copy data records of all the policyholders was a challenging task. Now in the digital era all the records, details and data are withheld online in the computer system. The staff of the insurance sector got a great relief as the records are now digitally handled and the manpower could be used in another field more efficiently.
- No Miss Selling And Fine to The Insurance Company: Things are clear over the computer screen to the buyers hence there is no chance of miss-selling which was found in the traditional methods of selling a policy. To reach market demand and company profits, the agents were often involved in molding the terms and conditions of the fact.
The blunders of the agents were to be covered up in the form of fines and legal cases by the insurance company. This problem has been resolved with the digitization.
- E-insurance Account: In India, the IRDA made an announcement for the digitization of the insurance sector along with the e-insurance account. This makes the work easier for both insurer and insured. All the transactions can be managed online as it provides a 24hours facility.
- Digitization Brought A Boom: Policies were always bought and sold but after digitization in the insurance sector, we can see a boom in the insurance market. It became easier for qualified people to buy a policy that does not have enough time from their office to go to an insurance company and understand all the terms and conditions of the policies.
Solace To The Policy Buyers
Comfort was brought to the policy buyers. The digitization of the insurance sector solved many queries of the public. Few of them have been mentioned further:
- No More Lengthy Paperwork: With the advent of digitization, the policy buyers got freedom from lengthy paperwork. Earlier, the policy documents were to be kept properly for years. Without this, no claim settlement would be possible. It was very hectic to sustain the bundles of insurance paper.
- Faster Processing: The digital world is unbeatable. Now, no one is required to go to an insurance company, sit there and waste time listening to the policies explained by the agents. You don’t need to take out time from your official working hours to buy a policy. The questions like:
- What insurance do you want to have?
- For how many family members?
- What premiums do you want to pay?
- What riders or extra facilities do you want?
Are common, But you can get an answer to all of these if you read the policies and plan mentioned online. You can research and choose the best plan for yourself and your family. This way the process becomes faster and easier.
- Self-service Dashboard: The online page layout termed as a dashboard has a shortcut to all the functions and links. In case someone wants a claim settlement, then s/he can click on the link and it takes the user to the function one requires. This action takes milliseconds and it's all because of digitalization.
- Online Comparison Tools: The online comparison tool is also a surprise gift from the digitization of the insurance sector. If someone is confused among several plans offered by different companies then s/he is free to use these comparison tools to choose the best of the plans. Web aggregator has such online comparison tools that can make your task easier.
- Hasslefree Access: Nothing can beat the access convenience when we come to e-insurance. In case you are not able to understand a policy then you can ask the same from any of your contacts and they can help you out.
- 24X7 Availability: The 24 hours the availability of the policies are provided by insurance companies after the IRDA regulatory body announced the digitalization of the insurance sector. Policies can be bought at the comfort of the policy buyers.
- Smart Premium Payment: The facility of online premium payment has been taken positively by the policyholders. The premiums are paid easily sitting at home which is both time and energy saving.
- Speedy Data Updation: In case of any changes in the personal details of the policyholder like contact details or address, one needs not to go to the insurance company’s office. It could easily be edited online quickly.
- Safety Of Personal Information: The premiums paid online are through debit and credit cards. The online payment facility provides high security to the card details and transaction details of the policyholders. So, one can easily do safe payments.
The digitization proved to be a helping hand to both the buyers and the insurance industry. The data and facts are presented in a more arranged and noticeable manner.
The world of the internet has made things much easier. So, you should have an insurance plan without any doubt and trouble. Get your life insured and make your family safer. Now you can get the cost advantage as you don’t have to pay the agents. Insurance policies are only a click away. For further details, a 24X7 customer care facility is available at your service.