You must have heard about and experienced the demonetization of high-value notes and its after-effects, and would also have heard a lot about digital money, digital wallets, online transactions and their benefits. Now let us tell you about the benefits of moving towards an e-insurance platform:
What Is E-insurance
E-insurance account is basically an online platform that looks a lot like a Demat account. This account will help you in keeping all your insurance policy documents in an electronic format that would be safer for the future as well. “It works as a simple bank account. Transactions and documents of all policies and related information will be stored at one place and have information regarding policy commencement date, address, maturity status, nomination, terms and conditions and much more. Moreover, if you want, you can download a copy of the same as well with a few simple steps,” says Naval Goel, CEO & Founder, PolicyX.com.
Benefits of holding an e-insurance policy:
If a customer is purchasing an insurance policy online, it will reduce or eliminate the commission charges that is associated with the insurance agent. Purchasing an insurance plan online is very cost efficient. You can easily get the desired insurance policy at a low premium that will be more beneficial for you. Moreover, the cost associated with the conversion of all paper-based policies in the online form will be borne by insurance companies. You don’t have to pay any extra charge to take advantage of an e-insurance policy.
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In an e-insurance account, all the needful insurance plans, that may include a health policy, pension plan, investment plans and much more, will be on a single platform. “With the help of an e-insurance account, you can access these policies whenever and wherever you need it. Moreover, if you have a paper policy, then the chances of loss and damage is more, but with the e-insurance format, all documents associated with the policy remain safe and secure,” says Goel.
Besides, while buying a new policy, you don’t need to go through KYC verification all over again, unless there is a change in your KYC details already recorded. A mere mention of your e-insurance account number will suffice the requirements for buying a new insurance policy.
In an e-insurance account, from the beginning to the end, all the process of documentation will be in the digital form. So there is no need of physical documentation. This is extremely eco-friendly. In case you have a query or need to ask something, then you can simply drop emails and the insurance repository will provide answers to the registered e-mail address or phone number. The presence of e-insurance account will make all the insurance buying process eco- friendly. You can conduct all the transaction online, easily. It also offers easy claim settlement.
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Reduce agency frauds
With the emergence of e-insurance accounts, the chances of agency frauds are low. There are several insurance agents who misguide their customers and ask for money or mismanage their funds. “An e-insurance account will keep you well informed about all your transactions and management of money. You can also check the same whenever you want, so that any agent or agency can’t take advantage of the same. Since there will be no presence of an insurance agent when you buy an insurance policy through the e-insurance format, all the funds related to the same like premium payment etc will be directly transferred to the insurer,” informs Goel.