The digital payments ecosystem has a huge role to play in our lives whether it is buying a life insurance policy or purchasing any other product or service digitally.
 

With so many businesses now going online and joining the nation's digital framework, the life insurance industry is also keeping up with the transformation. One of the main factors driving the growth of the digital economy in India is the young population, that is, citizens aged between 15 to 45 years. Furthermore, individuals within the age group of 18 to 45 years are also active customers of online life insurance policies and can opt for online purchase, renewal and claim settlement of policies.
 

The Relevance of Digital Life Insurance
 

When life insurance companies use digital technology to promote and provide life insurance services to their customers, the process is known as digital insurance. This can be achieved easily and effectively through websites, online mobile applications, chatbots, social media, and other digital channels. Due to its uncomplicated nature and time-saving attribute, digital insurance has caught on very fast with insurance businesses as well as their consumers because of the following reasons:
 

• Buying a life insurance policy online is a quick and hassle-free process.
• The digital approach is consumer-centric and provides a host of insurance services to the customer.
• The SAVING in technology by insurance companies has made life insurance more accessible; you can browse insurance products and services through your mobile or PC from anywhere and at any time.
• Online insurance offers a greater number of life insurance coverage options that can be customised in terms of the coverage amount, riders^#, etc.
• The online processes of buying a life insurance policy, making online premium payments, and filing a claim are primarily guided by technology that caters specifically to insurance platforms.
• Analyzing life insurance policies with different coverage options online is easier with the help of life insurance premium calculators that help you calculate your life insurance premiums and also give you an estimate of your life insurance return.
   

The Advantages of Digital Life Insurance
 

In the last few years, we at Tata AIA, have turned to digital life insurance to ensure that consumers get quick and easy access to all our online services from the convenience of their homes.
 

And this is not only limited to buying an insurance policy or making premium payments; investment planning has also become easier as you can choose from many suitable term insurance, pension plans with life cover and guaranteed¹ return plans in India.
 

To understand how digital life insurance benefits consumers, let’s take a look at some of its advantages:
 

• Due to the availability of quick information online, consumers do not have to wait to find out more about the insurance policies they want to purchase. Once the preferred insurance provider is selected, the consumer only needs to browse all the information available on their website and find what they need.
• Digital customer service is also gaining prominence in the insurance industry, with online chatbots serving as the first line of communication to customers, resolving all the basic queries and leaving the more complex resolutions to human customer care representatives.
• With the online purchase of insurance policies and online premium payments, it is easier for customers to evade dubious insurance agents and buy only genuine policies after researching them. Moreover, insurance companies also ensure that their online payment software and processes are secure and free from any malware that can affect the speed and the success of these transactions.
• After-sales service is another crucial aspect of the life insurance industry and has come further into focus with digital insurance. It is now easier to raise a claim or resolve insurance-related queries and issues online through more streamlined processes. Instead of visiting the office of your insurer, you only need to fill an online form and the autosaved information such as the policy number, and some personal and contact details will allow your insurance provider to get in touch with you.
   

Digital transformation has also helped insurance companies identify the age groups that are interested in various types of life insurance policies.
 

Conclusion
 

It is convenient to buy any type of life insurance product, including guaranteed¹ return plans, term insurance plans, retirement plans with life cover online. Apart from all the advantages mentioned above, digital insurance also enables and empowers consumers to make independent and informed decisions and boosts informed investment planning.
 

L&C/Advt/2023/Jan/0209