The insurance industry attributed to India comprises of 57 insurance companies. Of these companies, 24 belong to the life insurance category while the remaining 33 can be attributed to non-life insurance providers. Life Insurance Corporation (LIC) happens to be the only public-sector company in the list of life insurance companies in India while there are six public sector non-life insurance companies in the country.
Given their far and widening reach, it is evident that insurance companies are helping people with their basic and customized products in more ways than one. This is especially true in the case of prospective life insurance buyers like you who can look forward to providing a guaranteed lump sum amount to their loved ones in the event of their death. The assured amount comes to beneficiaries in lieu of the timely premium payments made during the lifetime of the insured.
Here, we aim to provide a quick look at the latest trends in the life insurance industry in 2018.
Whom Do You Consult Before Buying Insurance?
Planning for death may sound really absurd, particularly when there are several dreams left to be actualized. However, death is an unavoidable reality and therefore it becomes critical to plan for the same well in time. These days, it is very easy to indulge in self-research online before going ahead with the life insurance plan that you need. You can also consult your friends, family members, peers, and other stakeholders in the Indian Insurance market before buying insurance.
Insurance comparison and aggregator websites like Coverfox.com are helping buyers compare, understand, and purchase the life insurance products that are best suited to their budget and need. Along with live online support through chatbots, these sites are equipped with smartly-conceived premium calculation tools to guide your purchase. Here, you may like to compare the products of different life insurance companies in India, figure out their pros and cons, and shortlist the plans that you would like to research on further. Once you are sure of the coverage benefits, premium, and add-ons, you may go ahead with your purchase of life insurance online through reliable payment channels.
Latest Trends in Life Insurance
1. Shift from Traditional means of Purchase
Well-researched and timely purchase of life insurance online is the way forward for most buyers in 2018. Interestingly, it is clear that there exists a paradigm shift from traditional life insurance plans to more flexible, time effective, and tech-oriented systems. These days, it is also possible to buy life insurance plans online without going through any medical examination. Instead of going through the cumbersome route of understanding the life insurance products on sale through offline channels, you can go about the act from the comforts of your office or home via the internet.
2. Usage of Cloud Computing
Until recently, most millennials stayed away from the purchase of life insurance coverage because they found it tough to collate the details of their current health status, occupation, medical history, smoking habits, or their family history for the sake of determining their eligibility for adequate coverage. These details are also essential for calculating the premium in line with the required coverage. This is where cloud computing is coming to the rescue of life insurance buyers wherein the requisite information can be retrieved, analysed, and processed using cloud computing. Even though there are some trust issues remaining in context with the safety of the information that’s stored on the cloud, it’s a time effective and smart way of getting information.
3. Consumer Advantage in a Globally Competitive Market
With the global life insurance market getting more competitive with every passing day, it has become a win-win situation for all parties concerned. Automation tools are enabling insurance companies to remain in step with the ever-changing coverage needs and preferences of their targeted clients. Social media has assisted these companies to access the digital lives of their prospective customers, thus helping them communicate with customers as well as automatically track changes in their insurance buying habits.
With automation in place, life insurance companies are helping buyers shift their focus from merely calculating risks for the sake of premium evaluation to integrating real-time analytics for the cause of mitigating risks. Given this scenario, a vast majority of life insurance buyers are preferring to go the full way with companies helping them mitigate risks to the largest possible extent.
These and other life insurance trends in 2018 are making it easy for people to invest in the best life insurance plans online. Log onto Coverfox.com to compare and buy the best life coverage plan, today!