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DIY in Insurance

By Finserv MARKETS - Aug 20,2020
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Do it Yourself Insurance: DIY in Insurance

The concept of DIY or “do it yourself” – has caught on in many areas of the consumer economy during the past era. Insurance is no different. People are taking it upon themselves, in prominent numbers, to find and purchase their insurance policies online.

Benefits Of Getting a DIY Insurance Policy

Insurance companies are empowering their customer by providing all the relevant information about the product, its features, prices, tenure and riders clearly on their website. Therefore, those customers who are willing to purchase insurance policy online can access this information easily and make an informed decision. Now customer no longer have to depend upon an agent or any other party with a vested interest to give them the relevant information.

Direct Contact With Insurance Provider

Now purchasing an insurance policy online lets you relate with the brand directly. Having complete access to the company not only helps you to gets you first-hand information about the company and its product, but you can also read reviews about the company and its products online. The option of comparing and buying an insurance plan online is its biggest advantage for a customer. In totality, customer can make a well-informed decision without any biased opinion when buying an insurance policy online.

Compare Insurance Plans

While buying an insurance policy through DIY process you can make easy reputation check. With extensive use of social media and the other forums of customers sharing their experiences about each buying they make; it has become easy to check the reputation of the insurance company and the product that a customer is applying for. While opting for a product you can explore the web to see the previous experience that customers have had with regards to the claim settlement, after sales services of a particular insurance product. You can thus make a better decision based on this available information.

Higher Level Of Transparency

Customer gets an overall transparency by the insurance companies by way of availability of each and everything about the product available online, beginning from its features to the customer experience Insurance Company also publish information about the regulatory action that is applicable in case there is a problem at company’s end. There is nothing that an insurance company can hide anymore. There is therefore total transparency that a customer can count upon.

Onus Lies On The Customer

One must bear in mind that as much as buying insurance online comes with many benefits, there is no advisory involved. The responsibility is therefore solely on a customer as the customer must carry out the right kind of due diligence and picking out a product that is a perfect for his portfolio.

Hassle-Free Processes

Step by step buying guide and safer payments option has enabled customer to buy insurance policy in a hassle-free manner that too without worrying about getting cheated. Insurance companies take strict measures to guarantee that all purchase payments made online are safe. When a customer make payment for a policy online via debit /credit card or through net banking, payment passes through a secured payment gateway, and the transactions can be easily tracked.

While buying an insurance policy online, you directly come across the wide range sum assured options, you can analyse your need and then select an insurance plan that aptly meets your requirements.

Convenience is one of the principal points of difference between making online insurance purchase and buying a policy through an insurance agent. You can now buy an insurance policy on the go with an insurance app on your mobile phone. Buying insurance online gives you the same comfort that any other online purchase has to offer. You have a liberty to make the purchase at your own preferred time and from the ease of your home. And the best part is that an insurance purchase online is remarkably time saving. Whereas, you will have to free up time and meet an insurance agent to buy a policy from the individual.

When buying online, since you yourself go through and verify all details during online purchases, cheating or fraud does not come in the picture. In here, you must take the accountability to read through the terms and conditions.

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522