Recently according to a news reported in the ‘The Economic Times’ “Health insurance online sale spurts up to 30%, offline sales fall due to coronavirus impact”, which is a proof of both online sales scaling up and the main reason of the same.

Back in the day, buying insurance was more of a casual talk over a cup of chai and a biscuit with a known agent who lived in the same neighbourhood, or an obligation on someone with an agent. With the evolution of technology, the rise of the internet and insurers looking towards spreading their footprint, online platform for selling insurance without the use of a middleman agent emerged. This received a major fillip due to pandemic restrictions and increasing insurance awareness and felt need. Online selling surged during the COVID 19 pandemic. Now that the pandemic has passed and things are gradually returning to normal, we are witnessing offline platform making a strong comeback. In this blog, we will look at the reasons why many insurance buyers in India still favouring the traditional offline platform.

Personal touch

India is a country rich in culture and values. We still value and admire human connection above that of a bot/ engine. The insurance agent on the offline platform is mostly a well-known family friend who understands the requirements far better than a customized algorithm that is based solely on the fixed information entered by the insurance buyer online.

Breaking down the insurance jargons

Many customers fail to comprehend an insurance policy’s characteristics, advantages, exclusions, and other crucial criteria. When looking for insurance policies online, this can lead to a lot of confusion and irritation. For many people, relying on an insurance agent to simplify insurance jargon thus saving time and effort on comprehending insurance coverage is still the preferred alternative.

Ease in filling the form

Purchasing an insurance policy, particularly a term life insurance policy, frequently necessitates detailed information from the buyer as well as a physical medical assessment. The process can be tedious and time-consuming but when you buy insurance through an agent, they will usually fill out the forms for you and arrange for a medical check-up. Having an complete end to end assistance of insurance agent make the overall buying process seamless.

Customer service (speaking to unknown person or automated chat bot)

Making a customer service call to insurance companies these days we are either conversing or communicating with a robot with limited IVR. It may take a long time to connect with a customer support professional, which can be aggravating and we often speak to new representative each time we make a call. In the case of offline channels, we get access to dedicated agent who know our history, product we have purchased aiding in solving the our query quicker and hassle-free.

Final thoughts

While digitization is the natural path ahead, the human touch that is currently missing online is the basis for the offline channel’s continued dominance. Having said that, today’s insurance agents have electronic tabs and mobile applications that allow them to fill out the form online and submit it instantly. Having said that, today’s insurance agents have embraced technology and are equipped with electronic tabs and mobile applications that allow them to fill out the insurance form online and submit instantly. The buyer also appreciates the ability to engage with a live person who can advise them on insurance options depending on their family history and future aspirations. Post the pandemic, insurance awareness has grown, and it is now considered as a lifesaving instrument rather than a mere tax-saving product. Buyers who understand the necessity of purchasing an insurance policy prefer to speak with someone on whom they can rely on and trust when it comes to picking lifesaving insurance coverage.

For more details do contact Abhishek.l@inchesgroup.com