Benefits of Buying Health Insurance Online
We have all heard the elder members of our families cribbing with the typical line, “Hamare zamane me…” The usual comparisons of how things were done better then and how today, due to advancements in technology, things are becoming impersonal and probably worse.
But with 49 million Internet Users, double the size of the population of Australia, Internet has come of age in India. Buying over the internet (ecommerce) growing at 30% annually has been reported to cross a whopping Rs.5000 Crore in 2009. From airline and railway tickets, to bookstores, internet banking, to gizmos and toys, shopping is moving online and how.
All said and done, convenience is king. Postcards have been replaced by email. Matrimonials, Classifieds, Jobs all have moved online.
Health Insurance companies and providers are not behind either. Where buying Online health insurance policy was initially only through personal interface, or through a neighborhood agent, we now also have online health insurance policy buying.
Understand the features, Fill a form online, and pay through credit card or internet banking and ta daa! You are covered with a Health Insurance! There are varied players who sell Online Health Insurance. Each of them has their own advantages, disadvantages.
Insurance Companies Online:
As the heading suggests, these are companies which sell their own products online. It’s like buying the Kingfisher Airline ticket from Kingfisher’s Official Website.
Lead Aggregators:
Lead Aggregators are technology companies which help you compare various health insurance plans, and then once you select a product, pass on your contacts to Insurance Companies, who then service your purchase. Lead aggregators do not therefore provide service. They help you compare products. These companies don’t have any IRDA (Govt.) license to operate. Examples are apnainsurance.com, getmeinsure.com
Online Brokers:
Online Brokers are IRDA licensed Brokers, which provide online comparison of various health insurance products and help you buy the product. They send you proposal forms and fulfill the entire process. Examples of such companies are insurancepandit.com, policybazaar.com etc. Though such organizations provide a one stop solution for all your insurance needs, they mostly aren’t able to provide specialized claims assistance in Health Insurance.
Specialized Online Health Insurance Brokers:
Specialized Brokers are companies which specialize in a specific subject. For e.g. Medimanage.com specializes on Health Insurance. It provides integrated services in Health Insurance, right from Expert Advisory, Technology Powered services and Healthcare knowledge powered claims assistance. Such companies provide a one stop specialized service.
HEALTH POLICY SELLING ONLINE (Advantages)
Saves time – For those who don’t have the time to speak to a personal seller, going through online quotations and policies will definitely save time.
Easy comparison – You can easily compare two or more policies online. Mostly all insurance companies have their information in their websites. And, the website of a dedicated health insurance broker will make such comparison available to you in just one visit without even your having to visit various websites of different health insurance companies.
Right choice – Since such a website provides you with lots of policy quotes with detailed description about the plans and their terms and conditions, it helps you in easily comparing them. Getting such details through an agent or company is quite difficult. Better comparison gives better awareness and leads to a better choice of insurance.
Information whenever you need it – Online information seeking and consultation can be done at anytime from anywhere. So it is accessible at your convenience.
Mistakes by an individual – An individual could be more likely to overlook a clause or miss something and make a mistake, putting you in an unfortunate situation.
Global audience – Even if you are out of the country, or are living abroad and need a policy for relatives in your native country you can very well have a look at the online quotes, make a decision, and buy the health insurance policy online. There is no need to be physically present.
Services after buying the policy: Online models are generally provided by organizations and not individuals. These organizations tend to have much stronger processes in providing you all services required after your buying the policy, including claims related services. Yes, some such organizations also sell through their sales people interface, but mostly such people interfaced selling is resorted to by individuals. These individuals do not have the wherewithal to provide comparable robust services post your buying the policy.
No dependence on one person: Since people interfaced selling is resorted mostly by individual agents, you are dependent on that one individual for any service you will require after you buy the policy. You are thus exposed to the hazard of this individual not being available when the need is the highest – like in the event of a claim. Since Online model selling is done mostly be organizations, you are not person-dependent when you need any service.
Better influence with insurance companies: Being organizations, entities that sell through the online model are aggregators of larger volumes of policies and premium. Their influence on the insurance companies is therefore that much higher than individuals resorting to people interfaced selling.
Online payment: Only the online model of selling comes with the advantages of making payment online through use of credit card.
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