5 advantages of insurance going digital
Cost, convenience, speed, safety and serviceadvantages that you can get for your insurance policies
Digital services offer convenience, choice and comparison. The financial services industry, including insurance, is also making efforts to tap this space. Life insurance, traditionally sold by agents, is available for online purchase, often at lower prices. According to a report by Boston Consulting Group (BCG), total digital market size for online insurance in financial year 2015 was 1,000 crore. Life insurance (new business premium) was worth 350-400 crore; motor insurance (gross written premium) 300-350 crore; and health and travel insurance (gross written premium) of 150-200 crore.