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Insure Online
Deepika Asthana - 21 October 2019

Born in the two decades preceding the dawn of the 21st century, millennials now account for nearly 31% of the world’s population. Also commonly known as “Generation X” these digital natives spend a large part of their lives in the digital realm. For their social interactions, as well as their consumption activities, digital platforms are their primary choice. Thus, it follows that as millennials and the larger population start consuming digitally they will also make more and more investment and financial transactions online. However, while people do carry financial transactions online, their engagement on the insurance side is minimal. This should change as buying an insurance policy online can provide some interesting benefits to customers.

Below are some points to compare online vs offline purchase of insurance to give you a better understanding of the relative benefits of purchasing insurance online.





When buying online one can compare different plans offered by different companies. You can check and compare the features like premium amount, coverage period and other parameters in depth before making a purchase decision

Buying the product offline from an agent can sometimes limit the options available to you and can also be unnecessarily time consuming.


While evaluating the policy online one can visit the website of the insurer and get additional information on the product directly. This is a very transparent method of purchasing a policy

Offline policy purchases usually are highly dependent on the agent. There is a probability the insurance agent may not be aware or disclose complete information to the buyers. This can lead to disappointment and anguish.

Informed Decision

There is a plethora of information available on your fingertips to make an informed decision. Information pertaining to claim settlement ratio and disclaimers are easily available on the company website. There is onus on the company to ensure that all these are updated and all the relevant information is available to the customer.

The reliance on the figures provided by the agent is enormous.

Ease of Access

Online access is available 24/7.

Insurance agent’s availability is limited.


Online insurance can be cheaper than purchasing insurance offline. Some estimates peg the cost difference anywhere between 40 to 60 per cent.

The commissions paid are high – and are paid by the policy holder in some form.


There is more flexibility to buy the policy online.

Low flexibility product


The probability of fraud is very low.

Offline agents may resort to fraud.

Policy review

Information provided on online forums and chat board can help insurers design a better product and therefore, service the clients well in future

There are isolated and filtered feedback in this mode. Agents are generally upbeat about the options.


As it is a self-filled form, the chances of incorrect information is relatively low

Information filled in at times maybe incorrect and have consequences at the time of claims.

The main benefit of buying an insurance policy online is the convenience in the overall buying process. While one can argue that all the relevant information can be gleaned online and the final purchase decision can be made online, it is difficult to ignore the cost element. The bottom line is that irrespective of the chosen mode, it is advisable that you work out the correct insurance amount you require before going ahead and purchasing a policy. Also ensure that you are honest about revealing your personal and family health history as this will make the claims process easier and faster.

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