The insurance industry all over the world is evolving. In UAE the transformation is marked as a change in characteristics over successive generations. With this evolution in the industry has come the growth of new-age insurance which is on the rise. Nowadays insurers offer insurance on simplified terms and digitization has played a major role in this and the way customers purchase it.
Just take a look at the factors that differentiate new-age insurance and traditional insurance
High operational costs are prevalent in traditional insurance due to their several branches and offline strategy. But new-age insurance is based online which is more economical and cost-effective. As these new-age insurance companies are fully-digital, their policies cost less when compared to the traditional companies.
When it comes to purchasing traditional insurance, the process is highly complicated and requires a multi-step process. The lengthy and confusing buying process required often make customers confused and irritated. In comparison with this, the buying process in case of new-age insurance is ultra-simple and quick. It is very much like the buying process followed by leading E-commerce websites which is something that the users are used to do very comfortably.
Insurance as such is believed by people as a very hard to understand thing. This belief may be mainly due to the way the information is presented to them. While communicating features and benefits of the policies, traditional insurance uses a lot of terms and phrases which may be hard to comprehend by common buyers. Contrary to this, new-age insurance depends on communication that is easy to read and understand.
For each and every insurance company, the claims process is of greatest importance to hold its credibility. But when Policyholders approach the company to claim insurance, they face roadblocks throughout the insurance claims process. New-age insurance companies on the other hand provide customer-friendly and hassle-free claim settlement to address this issue.
Traditional insurance means there’s a lot of paperwork involved. Customers think filling out lengthy forms and keeping track of all the documentation an uphill task. New-age insurance depends on a digital process that needs negligible paperwork that gives them maximum convenience.
Points to check out
While buying insurance, make it a point to go through the inclusions and exclusions of your insurance policy thoroughly. Do make an informed choice only after reading the terms and conditions. You should get your doubts cleared by ringing up or through email with the insurance company. With Covermatch, the new-age insurance company by your side, buying insurance is easy, convenient, and hassle-free.