The Anchor: 5 reasons insurance should be sold online

27 Sep,2012

By Ravi Vishwanath


#1 Growing number of internet users in the country. At the end of last year, India had 12.1 crore internet users and this number is expected to grow exponentially over the next five years. With this growing number of internet users in both urban and rural areas, we have already started to witness the internet’s cost-effectiveness in reaching out to consumers through online advertising, blogs, clear and succinct advertising and websites.


#2 Informed decision-makers. We are witnessing tremendous growth in the level of awareness among the target market with every passing day. Our surveys show that consumers are now more willing to spend time to review the details of policies, wordings, exclusions, inclusions and benefits. People now talk about insurance policies with their friends and family in order to arrive at informed decisions. With larger accessibility to data on the digital platform along with increased investment to build awareness, we are poised to see an informed market in the days to come.


#3 Ease of online product comparisons. With the advent of several insurance and personal finance portals, customers are able to gauge quality and performance of products and services. Online reviews, comparisons, listings and comparative information are just a click away and are helpful for one to take an informed decision. However, I would like to suggest that all customers take help from multiple sites.


#4 Independent decisions. It is a universal truth that every individual wants to take an independent decision. With the gamut of information now available online about health insurance plans, as well as customer reviews and feedback, consumers are able to arrive at independent decisions. Today, we receive more enquiry calls on our national helpline than previous years, which signifies increasing likeability towards the sole information conduit.


#5 Know your customer. With the advent of newer players and unique propositions, it has become imperative to know your customer more than ever before. Direct contact with the customers through the internet can be a catalyst in maintaining a good relationship, where everything is just one click away. Knowing the customer fully is an added advantage that can give far-reaching sustenance and value to the companies.


Ravi Vishwanath is Chief Marketing Officer, Apollo Munich Health Insurance


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