June 23, 2024

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Impact Of Technology On Purchase & Insuring Of Two-Wheelers In India

How India's Digital Transformation Is Impacting Its Two Wheeler Insurance  Sector | Entrepreneur

Digitization has enabled customers to be more knowledgeable and self-reliant than ever before. Similarly, digitalising the two-wheeler insurance market is advantageous, especially if it is “Internet Only” two-wheeler insurance. 

Using technology and creativity, new-age insurers drive the online insurance revolution. So if you need two-wheeler insurance, check the app and install it!

Although required, over 57% of two-wheelers in India are uninsured due to the arduous process of obtaining insurance. While the path is lengthy, insurance firms are steadily altering the norm. Let’s examine how “Internet Only” has impacted the two-wheeler insurance industry and how it has benefitted customers.

Quick and Simple

With all transactions taking place online, purchasing or renewing insurance coverage is incredibly quick and painless. Consumers may evaluate many plans online and buy motorcycle insurance that best meets their needs in order to make an educated choice. Insuring a car online is a one-stop solution, as clients can purchase, renew, track, and file two-wheeler insurance claims at the same location.

No Agents

The most major consequence is that there are no agents or intermediaries to influence the decisions of customers. Customers may learn about all of an insurer’s products online, allowing them to make an educated choice. Without agents, insurers may pursue a no-commission model, decreasing operational expenses and passing the savings on to clients through affordable insurance plans. ##

Zero Paperwork

Customers may get two-wheeler insurance online in minutes, thanks to a solid digital ecosystem. No inspection or documentation is necessary, even if the prior insurance has lapsed. Customers may quickly buy motorcycle insurance & insure their vehicles by providing a few vehicle and policy data on the internet or mobile app.

Economical Insurance Coverage

With a 100% digital infrastructure and a no-commission business strategy, many insurers may offer low-cost insurance policies to their clients. With the introduction of the direct-to-customer model, clients are required to pay a reduced price for bike insurance compared to offline insurance plans.

No-hassle Claims

Customers can easily file claims against their insurance coverage using the internet option. Consumers may quickly file and monitor their claims by using the website or mobile app. For consumers, the claims staff will handle the rest. Many modern insurers provide quick claim settlements for minor damages, and the procedure often takes less than two hours.

Digital Insurance Policy Document

The Insurance Regulatory and Development Authority of India (IRDAI), the industry’s peak agency, has validated digital or soft copies of insurance policy documents. #

The DigiLocker software allows customers to save their digital insurance policy for verification. Digital policy papers remove the danger of losing physical insurance documents and provide consumers with the peace of mind that they can immediately retrieve the document.

Online Two-Wheeler Insurance vs Offline Two-Wheeler Insurance Comparison

Consumers seek strategies to save the time and effort required to insure their automobiles. This is a comparison of online and offline two-wheeler insurance.

Purchasing procedure

Purchasing insurance online is a paperless experience. Purchasing bike insurance is simple and effortless. In contrast, offline processes are multi-step and complex. The purchase of bike insurance requires documentation.*

Pricing

Due to the digital platform’s efficiency and speed, online policies have lower operating costs. Offline purchases entail higher operational costs owing to agent commissions, branch upkeep, and offline procedures.*

Claims

The Claims Online approach is user-friendly and hassle-free, allowing you to file a claim via the website or mobile application. Offline, however, involves tedious documentation, filling out documentation and relying on agents to assist with the complex procedure.*

Conclusion

With digital two-wheeler insurance, the insurance industry is undergoing a massive transition as it provides efficient services, clear product options, and lightning-fast procedures. Online insurers, like the bajaj two-wheeler insurance app, are rethinking the client experience by delivering a transparent and fast service.

*Standard T&C Apply

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.