Why Mr. Trivedi always advocates choosing InsureTech companies. Turn back the clock a few years and the term ‘InsureTech Companies’ will return a clueless expression from most individuals. Cut back to the present day and the younger generation seems to trust only such companies to buy insurance plans – be it car insurance, two-wheeler insurance & even life insurance. These companies have also transformed those who believed only in physical, real-world insurance policies into digital buyers. One such individual is Mr. Trivedi. Once a staunch believer of the old-school way of buying financial products, he is now one of the biggest fans of InsureTech companies. He points anyone looking for insurance in the direction of online plans and insurance providers. But what brought about the change and why has he started to advocate epolicies, let’s take a look!
It started with an honest mistake. Usually very organized, Mr. Trivedi woke up one morning and realized he had forgotten to renew his two wheeler insurance. He approached his insurance company but they asked him to resubmit all his documents and get his vehicle revaluated. He’s been loyal to this insurance company for many years now and he was surprised that he was being asked to go through all the formalities as if he was never their customer in the first place. He went home to fetch the documents and noticing his disappointment, his son asked him what was wrong. Upon hearing him out, Trivedi junior told his dad about online insurance companies. At first, Mr. Trivedi was skeptical but his son sat down with him and helped him purchase a new insurance policy. Mr. Trivedi was shocked at just how easy the purchase process was. Spare yourself the energy & time. Mr. Trivedi was now the proud owner of an online two wheeler insurance policy. His premiums had never been this low and he was satisfied with the level of cover provided as well. However, his policy renewal
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date was approaching and he was afraid about the process – he had never renewed an insurance policy online before. To his amazement, on the due date, he got a message from the insurance provider stating that his renewal has done through a ECS payment. Turns out his son had already set it up and now he’d never have to physically renew the policy again.
Mr. Trivedi’s claim process. Up until now, Mr. Trivedi had enjoyed the online experience of InsureTech companies, but he was just a customer – he hadn’t made the transition into the a fan yet. However, one day while he was riding back home, a rash driver rear-ended him and though he escaped relatively unhurt, his bike suffered significant damages. Having experienced the trouble of making a claim, Mr. Trivedi prepared himself for a potentially painful process to get his bike covered. After filling the FIR, we visit his insurance company’s website. He registered a claim and sent pictures of his damaged bike. Within a couple of days, his bank account received a payment from his insurance company. He used the funds to repair his bike and he was good to go. He’d never imagined making a claim was so convenient. He thought to himself, if he hadn’t gone online after his initial insurance policy expired, he would have to go through the entire application process again to get a new policy. Then he would have to visit the branch for renewal. He shuddered at the thought of going through the entire claims process. That’s when he knew others should not have to go through this and that when he started advocating online insurance policies. So if you need two wheeler insurance – try buying it online, we are sure you won’t regret it.
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