Digitalising the country’s economic sphere has undoubtedly brought significant positive impacts across all sectors. The two-wheeler insurance sector in India is no exception and has experienced a wide range of changes due to the country’s digital transformation. These changes have revolutionised every step of the process involved in the interaction between insurance providers and consumers, leading to several notable improvements.
According to a report by the Economic Times, digital transformation has revised lapsed two-wheeler insurance. As per the report, almost 60% of bike insurance policies are bought online.
In December 2018, the Economic Times published an article revealing an interesting trend in the comprehensive bike insurance sector. The headline highlighted that 60% of lapsed policies were revived through online purchases.
Companies like Tata AIG are at the forefront of this two wheeler insurance online revolution, leveraging technology and innovation to deliver even greater customer benefits. This blog explores the far-reaching effects of digital transformation in this sector, revolutionising how a bike insurance company in India and its customers interact and bring forth numerous advantages.
How Has Digitalisation Transformed the Landscape of India’s Two-Wheeler Insurance Market?
Let’s explore how this digital shift is transforming the landscape of bike insurance in India:
- Convenience and Accessibility
Gone are the days of tedious paperwork and lengthy visits to insurance offices. With digitalisation, two-wheeler insurance has become easily accessible to all. Customers can now compare policies, choose the most appropriate coverage, and renew or apply for bike insurance online from the comfort of their homes.
This convenience has saved time and effort and democratised insurance access, making it available to a broader population.
- Transparency and Empowerment
Digital platforms have empowered customers by providing comprehensive information about insurance policies, coverage options, and bike insurance prices. Policyholders can make informed decisions by comparing multiple insurance policies, reading reviews, and accessing real-time updates on policy status, claims processing, and payment reminders.
This transparency fosters trust and allows customers to actively participate in managing their insurance needs.
- Streamlined Claims Process
Digitalisation has revolutionised the claims process, making it faster, more efficient, and more customer-friendly. Policyholders can now file bike insurance policy claims online, upload required documents, and track the progress of their claims in real time.
Insurers leverage advanced data analytics tools to expedite claims processing, detect fraud, and ensure prompt settlement. This streamlined process reduces paperwork, eliminates manual follow-ups, and enhances customer satisfaction.
- Personalisation and Innovation
Digital transformation has enabled insurers to offer personalised policies and innovative features tailored to individual customer needs. Usage-based premiums, telematics devices, and IoT integration are revolutionising the industry.
For example, telematics devices installed in two-wheelers can monitor driving behaviour, encouraging safer habits while offering potential discounts on premiums. Such innovations enhance customer experience and promote road safety.
- Enhanced Customer Engagement
Digital channels have provided insurers with new avenues to engage with customers, building strong and lasting relationships. Mobile apps, social media platforms, and online chatbots enable prompt and effective communication, addressing customer queries and concerns in real-time.
This engagement ensures customer satisfaction and allows insurers to gather valuable feedback and continuously improve their services.
- Digital Insurance Policy Copy
The IRDAI, as the governing body of the insurance sector, has introduced a significant change by validating the use of digital or soft copies of insurance policy documents. This move allows customers to store their digital insurance policies securely through the DigiLocker app, providing a convenient and reliable method for verification purposes.
By adopting digital policy documents, customers are relieved of the risk of misplacing or losing physical copies, offering them peace of mind with easy access to their insurance documents.
We are indeed living in the era of digitalisation, where digital advancements are also transforming the insurance industry. Whether you choose to purchase insurance online or offline, it is essential to approach the process with care and understanding. Take the time to thoroughly comprehend the plan you are considering, such as comprehensive bike insurance or any other plan.
If you find yourself in a state of uncertainty or doubt, proactively contact the insurance company’s customer support. Getting customer support allows you to seek clarification and obtain the necessary information to make an informed decision. They are there to assist you and address any queries or concerns. Just ensure you pick the right insurance partner like Tata AIG and others.