Digital Car Insurance

The sudden outbreak of the Coronavirus (COVID-19) pandemic has affected our lifestyle physically, emotionally, as well as financially. It has changed the way we operate and most of all, it has made us adopt a Digital First approach – be it as simple as buying groceries to more complex transactions such as banking and insurance. The ‘new normal’ brought about by the Coronavirus pandemic has nudged us to switch to digital services wherever possible. (2)

Automobile users and enthusiasts have not been left untouched by this phenomenon either. The one activity that automobile users have to partake in every year without fail is buying or renewing the car insurance and bike insurance policies. And, to their relief, just like other services, buying or renewing insurance is now easier than ever! Instead of taking your vehicle to the offices of insurers, getting inspections done, and physically buying those policies, you can simply purchase them online in an easy, simple, and hassle-free way!

The good news is that most insurers are with you on this as many of them are already adopting digital modes at a significantly enhanced pace, especially after the pandemic. (3) And, this adoption of digital technologies is not just restricted to making a purchase. Now some insurers also allow you to file your insurance claims online. This feature is especially crucial in times like these when you need to maintain physical distance and visiting the insurer’s office to file a claim may not be a good idea.

Let us understand how this process works.

How Does Digital Insurance Claim Work?

The insurance industry is evolving at a fast pace and is integrating best-in-class digital technologies to meet all kinds of customer needs -- right from selling new policies to settling claims -- remotely in this new world order! Until a few years back, processes related to insurance claims were completely paper-based and time-consuming. However, with digital innovations, leading service-providers have now adopted a more customer-friendly process by moving some of the claim-related steps online, which were quite tedious in the offline world. This has improved the overall efficiency of the entire process.

The online insurance claim process is fairly simple. In case a customer needs to file a claim for any damage to the vehicle or in case of theft of the vehicle, the process can be initiated online on the insurance provider’s website.

For example, if you are a Finserv MARKETS customer, you can simply visit their website and register your claim. You would be required to enter the date and time of the accident (or theft) along with your vehicle’s registration details and kilometre reading. If it were a case of theft, you would also need to upload a copy of the police complaint. Post-registration, simply take your vehicle (in case of accident damage) to an authorised service centre or garage for repair. And, that’s it! Your insurance company will liaise with the service centre and take care of all the expenses. All you need to pay are the deductibles that you have agreed to as a part of your policy terms.

Benefits of buying Digital Insurance

In the current situation, wherein we want to avoid stepping into crowded streets or offices, the biggest benefit is that we would get a major part of the service processing done online. The online claim settlement process not only fulfills that need but also makes the process extremely efficient and digitised. The claims are processed much faster as the online communication cuts down on the tedious and time-consuming physical-paperwork for both the customer and the insurance company. With digitised solutions, it is easy for the customer and the company to track the claim progress.

Now coming to the important question: how can you buy car insurance which has an online claims feature? Well, it is very convenient now. Thanks to Finserv MARKETS, a leading financial services marketplace platform, you can buy/renew your car insurance online, right from the comfort of your home. You can choose to buy for your cover from leading insurance companies known for their superior products and customer-centric services. You can also initiate a claim online in a hassle-free manner. . All of these features are also available on the Finserv MARKETS App. Not only that, at Finserv MARKETS, you can even customise your vehicle insurance policy during the purchase process to suit your specific needs by choosing from a wide variety of add-ons. Don’t be under-insured! When you plan to renew your insurance the next time around, you can use a car insurance calculator online and choose to buy a vehicle insurance policy instantly from Finserv MARKETS with all the features and the required coverage that you are looking for. Get the renewed policy with the required coverage instantly from Finserv MARKETS!

Source:

(1) https://www2.deloitte.com/ch/en/pages/financial-services/articles/corona-krise-digitalisierungsschub-im-retailbanking.html

(2) https://home.kpmg/xx/en/home/insights/2020/11/the-covid-19-catalyst-insurers-race-to-digitize.html

(3) https://unctad.org/news/covid-19-has-changed-online-shopping-forever-survey-shows

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