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The shift towards online transactions is being witnessed across all sectors and the insurance space is no different. As online sales become more prolific the question that begs an answer is ‘whether buying insurance online or through an aggregator is the best choice for consumers.’

The answer is both ‘yes’ and ‘no’.

There is no doubt that online transactions are easier to use and much more transparent. However, there are other factors which need consideration. Some of them are discussed below.

During an insurance transaction online the consumer is

The Shopper - the consumer must be able to obtain quote, compare and select insurance that fits their needs.

The Advisor - the consumer must be able to recognize the coverage and options available that are appropriate for the ‘exposures to risk’ they face. Often the shopper (consumer) is not a professional to understand the risks and different types of what appears to be same product (Eg. Motor insurance).

The Company Liaison - when problems or disputes arise, the consumer must take it upon themselves to fight for their best interest finding out to their surprise the hidden small prints.

Purchasing from an Independent Broker the Broker becomes:

The Shopper – The Broker can shop many companies with one phone call. Comparing the options available from each company in the process.

The Advisor – The broker can outline the coverage options that best address the exposures to risk faced by the clients they serve.

The Company Liaison - when trouble comes, the broker is the client's advocate, steering you through the nuances of the complicated world of insurance for your benefit.

A cheap insurer/insurance may not necessarily mean a good service provider or good insurance policy. Claims can be delayed and disputed which results in loss of time and mental agony. Many good insurers do not participate on aggregator sites since they feel cheap prices may result in their overall service delivery being affected.

A good starting point for your insurance requirement would be to identify a good insurance broker who is reputable, qualified, has good market and technical knowledge. A broker should be tasked with getting the right covers and right price from a rated insurer. This can then be checked online to see the price difference. Clarifications can be sought from the broker and an informed decision made. The broker can then be used for claims service. A TOTAL COST EFFECTIVE AND COMPREHENSIVE SOLUTION

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