Kotak e-Term Plan
Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.
Kotak Guaranteed Savings Plan
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality.
Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.
Kotak Health Shield
Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability.
Kotak Lifetime Income Plan
Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime!
So many aspects of life are now digital. Right from shopping, buying groceries to making money transfers, most financial activities are carried out digitally in today’s times. Many industries have taken to digital modes of operations to make their products and services more accessible. Most of the insurance sector has shifted to the internet to sell and renew insurance plans as well as settle claims and customer queries.
Here are five advantages of life insurance going digital:
1.Digital life insurance reduces operational costs
Going digital reduces the operational costs for insurance companies. These include:
The standardization of systems has also reduced the added expense of brokers and agents. Tasks, such as helping customers compare different insurance policies, providing information at fingertips, and assisting policyholders in buying a policy is a lot easier and cost-effective now.
This reduction in operational costs allows insurers to save money and in turn offer discounts to policyholders on insurance premiums.
2.Digital life insurance delivers a better customer experience.
Digital life insurance has improved the customer experience. For instance, customers can:
Even the claim settlement can be requested online. This is more time-efficient and convenient for customers. Complaints and queries can be settled faster as most insurance companies have their accounts on social media platforms, with quick turnaround times. Moreover, customers can stay up-to-date with the latest life insurance policies and learn about insurance through insurers websites.
3. Digital life insurance makes all things convenient.
The main benefit of life insurance going digital is the switch from offline to online modes for carrying out different tasks. This has enabled customers to:
This switch has even benefited insurers, offering them benefits, such as:
4. Digital life insurance provides safety and reduces the chances of fraud.
By eliminating the need for agents and brokers, insurers reduce the chances of false sales or fraud. These can save customers from paying unnecessary hidden costs and buying the wrong policy. Moreover, the possibility of errors, delays, misinformation, and policy rejection is also reduced. Lastly, as the statistics provided by insurers is on their official website, customers are guaranteed to receive authentic information.
5. Digital life insurance builds better long-term insurer-customer relations.
The continuous digital exchange between the insurer and customer makes purchasing life insurance more transparent. This means that all the data provided by a customer stays safe with the company. Moreover, companies ensure that no sensitive and personal customer information, such as bank account or debit/ credit card details stays with them. This commitment to respecting a customer’s privacy helps in strengthening their trust in the company. With such levels of transparency in every process, stronger insurer-customer relations are built and maintained.
To sum it up
The digitization of life insurance has proved to be beneficial for both customers and insurers. Kotak Life Insurance understands the need for moving with the times and giving its customers the best the digital, sphere has to offer. At Kotak Life Insurance, you can not only access a range of life insurance products but also learn how to gain maximum profits and protection from them.