Learn why insurers are suggested to carry motor insurance transactions digitally 18^th July 2022

With the world going completely digital and transactions occurring primarily online now, insurance companies have also progressed and advanced technologically, enabling many options for their customers. These include authentication and verification and improved premium payments and claim processes. These advancements make the insurance procedure more convenient for the users.

The motor insurance market is one of the fastest-growing sub-group in the insurance sector. The overall economic growth and improving quality of life attributed to more people buying two-wheelers and four-wheelers for their day-to-day commute or running their businesses. According to a survey, the motor insurance sector has expanded almost six to seven times the market size.

Digital platforms are now strengthening this market grip more than ever. The digitisation of transactions has reformed the customer relationship with companies. This blog will help us navigate through the information and help us learn why insurers are suggested to carry MOTOR INSURANCE transactions digitally.

1. Instant processing and deliveries:

With the development of cloud-based platforms, the entire procedure of exploring the benefits, comparing various policies, purchasing, etc., becomes error-free and transparent. The delays also drop as compared to the conventional methods of buying motor insurance. The transparency helps the customers understand the multiple stages of the insurance process, thus allowing them to build a trusting relationship with their insurance firm. Lesser errors speed up the process and are significantly less time-consuming for consumers and insurers.

2. Cost benefits are not a myth:

Insurance companies save considerable money when they opt for digital transactions. They hold a lot of operational and workforce costs, thus reaping huge profits. Companies allocate some of the benefits for their current customers to engage them, ensure consumer loyalty, and attract potential customers into a transactional relationship. Although there are specific terms and conditions which would determine the reduced price at which you can purchase policies online.

3. Accuracy is the key:

Digital transactions allow the customers and the insurance providers to keep an accurate track of the payments. These payment receipts and logs can be proof in case of any fraudulent incidents or identity thefts. And digital transaction logs avoid the hassle of vast heaps of paper, which hold the potential for huge errors.
Accurate insurance details are always provided alongside the online payment rolls, making it easier for insurance officials and customers to keep track of the money flowing in or out of their respective accounts.

4. Improved possibilities of safety breach:

Online transactions eliminate the high risk of false selling of policies, theft, wrong identity authentication, frauds, etc. People are falling prey to scammers and are losing vast sums of money. Online transactions related to your motor insurance can be organised securely due to the elimination of a sales agent meddling in the middle.

Other perks of carrying motor insurance transactions digitally include the direct link to government apps and road safety or transportation departments of the state/central government to help them ensure that you are a responsible citizen of the nation and adhere to road safety.

This is a huge plus point regarding a background check and identity verification. Customer service also speeds up as you can send your queries, complaints, and grievances online. It is a much better method for the customer service officials to address your issues in the most appropriate way possible and with a quick response time.

Click HERE to know more about the benefits of purchasing motor insurance.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy