Even 15 years ago, people had no choice but to visit a shop physically. You took what was available in the local markets. The emergence of the ‘mall culture’ introduced more range. But we still needed to go to the mall and painstakingly search for that perfect outfit.
Fast forward to the internet era. E-commerce has brought a range of products we could never have imagined before! And we don’t even have to move out of our homes to get what we want. Even better, we can narrow down our search down to the colour and size, among other things. And, voila! There is a vast range of products right at our fingertips.
What is a digital health insurance plan?
A digital health plan is not very different from online shopping. It is a health insurance plan that you can buy online. Taking advantage of the country’s digitalisation, insurers are promoting online health insurance. You don’t have to make time to meet an insurance agent to discuss your options. Just like the perfect outfit, you can get the perfect health insurance plan at your fingertips.
How do they work?
Rahul, a 33-year-old sales manager, wanted to buy a health insurance cover. But his work schedule kept him too busy to meet an insurance agent. One day, he saw an ad for online health insurance. And, at once, it occurred to him: why not buy digital health insurance? So, he sat at his laptop after work and started his research. He scrolled through different insurer websites. Just like online shopping, he narrowed down his options according to his needs. He used the online support system to get his doubts cleared. Finally, he narrowed down to his choice. He filled in the online application form and the know-your-customer (KYC) details. Within a few hours, Rahul had bought a comprehensive health insurance policy for himself. It proved to be both time and cost-effective.
Benefits of digital health insurance online
Lower premiums: Digital insurance saves insurers 20–25% of the operating costs. That is because the intermediary commission is removed from the equation. There is no payment towards the cost of the agent and the costs of branches and paper forms. So, this benefit is passed on to the customers in the form of lower premiums.
Online help and automated servicing: Insurer websites have customer service available 24/7 to address your queries online. Plus, the online platform has made access to information much easier. You can download brochures, track your policy, renew old policies, and pay your premiums online. All these processes are easy and convenient. They save a lot of transaction time as well.
Minimal paperwork: When you buy online health insurance, the documentation is also done online. So, no more running around with photocopies of your documents. All you need to do is scan the KYC documents and upload them. Furthermore, the insurer websites have drop-down menus, which you can use to choose your details.
Convenient buying: Online health insurance has no parallel when it comes to convenience of buying. You can take the help of the 24/7 online customer care to discuss your options. The KYC documentation process is simple. You fill in your details yourself. So, chances of mistakes are few. Even if you do make a mistake, you can rectify it easily. Furthermore, you can take your time to go through the policy details, which are available online.
No mis-selling: Tempted by high commissions, insurance agents often sell policies that do not suit the buyer’s needs. The chance of this happening is nil when you choose an online health insurance policy. You would be dealing directly with the insurance company. Also, the online helpline can help you make informed decisions. You can see exactly what you are buying with no intermediaries involved. So, there is no mis-selling.
What to keep in mind with digital health insurance
Keep these few things in mind to get the best experience while buying digital health insurance:
- Policy document: Always keep a copy of your policy document. Keep a soft copy on your personal computer. You can file a printed copy as well.
- Research well: Since you will not be speaking to an intermediary, make sure to do thorough research before you click on ‘buy’.
- Clarity of KYC documents: To be on the safe side, do ensure that the scanned copies of your KYC documents are completely legible and clear.
In today’s net-savvy world, people do not need help to buy health insurance. All the information is available online. So, stay away from the insurance agent’s office. Delete his number. You won’t need it because digital insurance is here to stay.