As a result of digitization, customers are more knowledgeable and independent than ever before. Similarly, digitizing the two-wheeler insurance industry is more beneficial if it is an “Online Only” policy. New-age insurers like Square Insurance are leading the online insurance revolution by providing the best web portal for insurance.
Though, The cumbersome process involved in ensuring two-wheelers in India leads to nearly 57% of them being uninsured. However, The insurance industry is slowly changing the trend, though the road has been long. The concept of ‘Buy Bike insurance online’ has benefited customers in the two-wheeler insurance sector, so let’s find out how it has affected the industry by taking the example of health insurance.
In Bike insurance, how is technology advancing?
1. AI & RPA
Robots and artificial intelligence are integral for bike insurance companies in increasing operational efficiency. RPA & AI can be extremely productive when it comes to interacting with customers and matching them with appropriate insurance policies. They are highly efficient due to their precision and ability to perform repetitive tasks quickly. With these technologies, resources are reduced and accuracy is increased.
2. The blockchain
Transparency is fostered by blockchain. This technology can be used to strengthen data. Data is protected, but it is not confined. By ensuring secure aggregated data storage, Blockchain aids enhanced analytics. By reducing reliance on third parties, ensuring data security, and improving efficiency, the system reduces the need for third parties.
3. API (Application Programming Interface)
Data management relies heavily on APIs. The insurance industry is also moving toward an open API structure to facilitate information sharing between systems. To facilitate such free-flow of information in the ecosystem, APIs are ideal for integrating eligibility, health, claims management, etc.
4. Analytics based on prediction and behavior
Superior insurance underwriting relies on data analytics. An insurance provider can detect fraud using predictive and behavioral analytics, send notifications to insureds about preventive care, and determine which insurance policy is appropriate for an individual.
5. The social media
As well as disseminating information, social media is also a tool for gathering information. Social media can provide information about someone’s lifestyle, for example. The overarching goal of insurers’ social media strategies is brand building by educating, engaging, and generating leads.
6. Infrastructure for the Cloud
Traditionally, cloud infrastructure has served as a supporting function in insurance. As a result of the need to coexist, communicate, and comply with many technologies, it is becoming a core function. The insurers can access data anytime, anywhere, and manage costs more effectively using cloud computing.
Why You Should Buy Bike Insurance Online?
Choosing and paying for two-wheeler insurance online is one of the significant benefits to buy bike insurance online. However, we discovered some additional benefits as well:
- An unbiased recommendation:
The benefit of shopping online is that there are no agents to deal with, so you can filter products according to your requirements. Based on your inputs, a tech-assisted system will suggest a variety of options to you. This no longer biases insurance agents. As well as being transparent and easy to understand, online information is provided clearly and concisely. Consequently, you can make a more informed choice based on the features offered under a policy, not on the opinion of someone.
2. Time-saving :
Including insurance details and costs, all information related to an insurer and policy is available in one place. As a result, finding the right approach takes less time. You can select your desired coverage amount and premium with just one click. Getting the insurance premium amount does not require you to coordinate with multiple agents or wait for hours. The payment can also be made online at any time of the day from anywhere in the country. Two-wheeler policies can also be renewed easily.
3. Compare before Buying:
Compare coverage amounts and benefits offered by different insurers before buying: Most platforms list the coverage amount and benefits provided by different insurers. Using tools such as a premium calculator, you can compare coverage with premium rates for other insurers. By using these features, the information can be made simple and understandable. Best-selling and newly launched products are regularly updated on online insurance brokers’ websites. In addition, this is useful when deciding on an affordable plan that offers the best benefits.
4. Get the Best Price:
The online process is much more cost-effective than the offline process when buying two-wheeler insurance. Due to the lack of agents, you can do your research and understand each insurance policy’s benefits and premiums independently. Before making the final payment, you should recheck the policy inclusions multiple times. You can find the best deal for your two-wheeler when you compare plans and premiums online. The low operating costs of online insurers allow them to save a lot of money. As a result, buyers can purchase the same products for a much lower price.
5. Secure Payments:
Two-wheeler insurance can also be purchased online with 100% confidence. Online banking or mobile platforms are both options for paying for your policy. As soon as the payment is completed, you receive an email confirmation and a copy of your policy. In addition, most platforms have an OTP-verification method to ensure that your policy is delivered only to you, eliminating the possibility of fraud.
So, looking for Online Two Wheeler Insurance Purchase
Bike insurance policy can be purchased online within minutes today. Before buying insurance, you can compare the benefits and premium amounts with the square insurance’s online insurance web portal. Each feature and benefit of the policy is explained in detail. You can also contact square insurance customer support by phone or email for more information.
Technology is advancing so rapidly that two-wheeler insurance no longer requires the expertise of an agent. All the information you need about different insurers – benefits, coverage, premium cost, etc. – can be found on one page with just one click. You can now manage everything from documents to renewals from the comfort of your own home. You should ensure you are informed before making a decision, even though the process is quite simple.
So, if you are seeking to buy bike insurance online, visit the square insurance Pvt. ltd page. According to our research, they have the best insurance web portal.
Square Insurance Brokers is the top insurance broker in India, Providing all insurance solutions at one place; you can compare multiple insurers’ company quotes and choose the best that fit our need. It provides insurance services all over India.