Thanks to digital aggregators, you can now easily buy or renew a motor insurance policy, and make a claim in minutes.
Rapid digitisation and changes in consumer behaviour has highlighted an increasing trend among Indian consumers to seek digital channels for purchasing financial products, including insurance. As per a survey conducted by Swiss Reinsurance Company Ltd (Swiss Re), the ease of onboarding and filing claims has been cited as a major reason for consumers to switch to online avenues.
In 2016, insurance regulator IRDAI approved the sale of insurance products via e-commerce portals. This was done with the objective of increasing penetration of insurance products, enhancing customer service, and lowering the cost of transaction for service providers. In addition to purchasing motor insurance policy directly via the insurer’s website, customers can now purchase or renew their vehicle insurance from a number of payment aggregators and wallets. Here’s a list:
Users can buy a new motor insurance policy in under two minutes via the app. The motor insurance tab is available under ‘MyMoney’ section. PhonePe allows you to customise your coverage with value-added services such as zero depreciation, 24x7 roadside assistance, and engine protection. Additionally, it has tied up with Bajaj Allianz General Insurance to offer bundled cashless repair services via a countrywide network of third-party garages.
Related: Benefits of a long-term motor insurance policy
Look for the ‘Insurance’ link under the ‘All categories’ tab, feed in your vehicle details, and receive an insurance quote in under a minute. Flipkart offers three add-on packages – Drive Assure Economy, Economy Plus, and Prime. Bundled services include depreciation benefit, engine protection, 24x7 assistance, and key and lock replacement that can be availed for a marginally extra cost. Flipkart also offers cashless claim settlement at over 4000+ garages in India.
Related: 6 Motor Insurance terms you must know before you claim
3. Google Pay
Look for the requisite insurance company listed under the ‘Businesses and bills’ tab. Follow the instructions if you’re looking to purchase a new policy or link your existing motor insurance account.
The ‘Insurance quotes’ tab is listed under the ‘Featured’ section. Follow simple click-and-select options to get quotes for the exact make and model of your vehicle and make a purchase instantly.
Related: Types of motor insurance policies you should know about
In addition to offering quick and easy insurance solutions, aggregators are also able to offer heavy discounts on insurance products by eliminating agents and reducing operational costs. However, a lack of clarity on the terms and conditions, and data security fears are some factors that consumers need to keep in mind before selecting a channel partner. Look at these 10 easy tips to reduce your motor insurance premium