Finance Made Simple with Rishi Mathur | Buying Term Insurance Online

Video Translation

Vivek: Hello and welcome to the special series Finance Made Simple. Joining me today is Rishi Mathur who is the Chief Digital & Strategy Officer at Canara HSBC Life Insurance. Thanks very much Rishi for joining us today on this customer educational series that we have put together. Rishi, COVID also saw a very big shift towards digital and through the entire year people were buying insurance online. Their claims were being settled online, onboarding of the customers was done online. And a great work was done by the entire insurance industry. What are the benefits of buying term insurance online? You also look at the whole digital piece of the company. Could you tell our viewers how is it beneficial to buy it online versus offline.

Rishi Mathur: You are right Vivek that mostly the COVID has impacted us in terms of pushing a lot of our conveniences into the digital space. So, the things which we were earlier doing offline have now moved to an online space. What are the real benefits that you have in terms of buying term insurance or any insurance for that matter of fact? One is obviously convenience. We can do this purchase at any point of day, at any day, anywhere as long as you have a robust net connection, you can go online and purchase, online insurance. So, that’s something that is definitely there. And coming along quick convenience is a fact that you can actually do research online. Which means that you can find more about the product, why its useful to you online. There are some statistics from some studies that tell almost 60% of all customers who purchase insurance in the current scheme of things, whether they are purchasing online or offline will research online to find out what the product is all about, what are the details that they have wanted to understand a little more. So, clearly the convenience factor is one of the most important things that goes for online. The second important point is that its at your own pace and time. So, if you are very clear about what you want to purchase you can actually complete the process in matter of minutes. At the same point of time there are a lot of customers who need help, who need hand-holding, who need to know more about the product, who need to understand what the real features are and they can spend time browsing, comparing. They could even look at setting up some more detailed resources on the internet which can tell you more about term insurance, all about insurance in India. And you can take it at your pace and time. Finally, you can also think about the understanding of detailed, the transparency that’s available to you. You have control over how you want to find out more. So, that’s definitely something which is available online. One point I would like to mention the customers is do make sure that you visit the company’s website and see the product brochure in detail. Because that give the detailed terms and conditions of a product. And you do get virtual assistance and hand-holding. So, when you are going online, its not that you have to do everything by yourself. There is the ability to get help and that help could be in various digital modes. You could get a chat, an email, voice connect, whatsapp connect to be able to get online resources digitally. That can help you in your purchase process. So, overall its cost-efficient, time efficient and in your control. So, those are the benefits of buying term online.

Vivek Law: Alright, Rishi. Thank you very much for joining us and sharing your perspective with our viewers. Its been a pleasure talking to you.

Rishi Mathur: Thank you Vivek. It was a pleasure.