Most people give a lot of thought to purchasing a vehicle but not so much to buying auto insurance.This lack of interest could be due to the perception that insurance is complex, lack of information, paucity of time, or a negative experience associated with claims.

The auto insurance industry has taken cognizance of these challenges and has revamped its offerings by going digital for a hassle-free experience. Digitisation empowers policyholders to make an informed choice, choose the best-suited policy, and also save money in the process.

Digital is convenient, cheaper: With insurers going digital, auto insurance has become simple and convenient. You can purchase or renew auto insurance from either an insurer’s website or from a web aggregator. The process is similar to shopping for an item on your favourite e-commerce platform. Online policies are priced lower without compromising on the scope of the cover. Some insurers also offer exclusive offers. Companies are able to sell their policies cheaper online as these are direct sales that do not involve a middleman, and they also save on operational costs. Insurers transfer a part of their savings to customers, making the online product cheaper for them.

By Animesh Das 

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