Motor Insurance Made Easy with Digital Technologies

Now, digital technologies make motor insurance claims easier! Filing a motor insurance claim is no longer a stressful, tedious process, nor does it require frequent physical visits to seek claims in insurance offices and waiting for hours, days, or even weeks, solely to get one’s settlements. With a digital-first approach, the experience is now more streamlined and convenient for customers. 

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Motor Insurance Policy Details Are Important

The primary purpose of a motor insurance policy is to protect the owner from covered financial damages or losses that are caused by damage/theft of the insured vehicle, which can be a two-wheeler, a private vehicle or a commercial vehicle. In two-wheeler insurance, for instance, it does not cover damages due to speeding in case another person is driving the bike that belongs to the policyholder. Such exclusions are necessary to be aware of.

Another such instance of ‘exclusion’ typically occurs when a policyholder loses the two-wheeler’s keys or forgets them, following which there is a financial loss due to theft or damage. In such cases, coverage is typically not there.

It's also important to note that in case the user loses the keys of his/her two-wheeler or forgets them on the two-wheeler, and, as a result, the vehicle is stolen, the insurance company will not be liable to consider the loss. 

For consumers, a basic ‘homework’ would be to study the exclusions in the plan as these specify factors or situations that are not covered under the insurance plan. 

It's also important to note that in case the user loses the keys of his/her two-wheeler or forgets them on the two-wheeler, and, as a result, the vehicle is stolen, the insurance company will not be liable to consider the loss.

Motor Insurance Policy Online In India: Technology Boosts Consumer Sentiment

There are several reasons why consumer sentiments are currently high and mostly attributed to the use of technology. Here are few reasons:

Hassle-free KYC process: A few decades ago, it would have been unthinkable to imagine a hassle free process to obtain an insurance plan without tons of paperwork, photostat copies and endless documentation. The current KYC process is not only convenient and efficient but it enables authentication in the best way by leveraging Aadhaar-based verification or PAN, thereby simplifying the identification procedures.

Easy, instant claims notifications: A key advantage of using technology to simplify insurance solutions is that policyholders have easy access and instant claims that are notified through email or app notifications, all of which now support real-time tracking as well. This may require an online form to be filled with information related to the incident and supporting documents to be attached such as photographs of the damaged vehicle. These are easy to upload and speed up the insurance claims settlement process. 

Real-time tracking: Using AI-powered tools and other digital processes, insurers can now enable real-time tracking to evaluate the damages and to align it with the claim amount. For insurers and policyholders, this marks a win-win scenario as the stress and the hassle of physical inspections is done away with. Once a claim gets approved,  the settlement amount is disbursed to the policyholder’s bank account via electronic fund transfer.

Heightened Consumer Demand for Motor Insurance In India 

Optimism in India’s motor insurance segment continues to be on an upward trend, particularly as festivities marked an occasion for increased consumer demand. Every consumer requirement is unique but seamless digital processes make it easy and convenient to buy motor insurance.

From instant claim notifications to an easy paperless documentation system and cashless claim settlement to reduced time for the entire claims process, leveraging the benefits of a digital experience boosts consumer confidence in India. 

With the rise of InsurTechs in India, more innovations are on the horizon to further strengthen the diversity and efficiency of India’s fast evolving insurance landscape.

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