Antecedents to Indian customers attitude towards online insurance services

Abstract

Proliferation of internet and its usage in services has endowed customers with multiple channels of service delivery. Online insurance refers to the selling of insurance products via the internet and is fast gaining momentum across the world as an alternative delivery channel. In India, however, with little IT penetration and awareness, a huge percentage of the population remains skeptical about online insurance. To facilitate quicker and easier transactions, insurance companies have jumped into the bandwagon of modifying their service delivery channels. The research focuses on deciphering the attitude of Indian customers towards online insurance services being adopted by Indian insurance companies.

The Digital Insurance Paradigm: A Theoretical Exploration

“…In 21 th century companies are adopting advanced technology for gaining the competitive edge .Various new technologies such as internet of things, cloud computing, big data analytics, neural networks are gaining momentum. With the advent of liberalization , globalization and privatization financial service industries witnessed immense growth and it has affected the industry in such a way that on the on hand it has added more new service providers and on the other hand enhanced competition (Khare & Singh, 2010). Technology development and economic growth are closely related to each other.…”

“…Numerous Services such as online claims, premium payment, grievances redresses, and quotes are available on life insurer's digitalized platforms such as websites and apps. Usage of technology in services is quite dependent on the customers awareness level of several technology tools available and their choice for hassle free services (Khare & Singh, 2010). Customer feel that internet mode facilitate convenience and also saves time and resources (Khare & Singh, 2010).…”

“…Usage of technology in services is quite dependent on the customers awareness level of several technology tools available and their choice for hassle free services (Khare & Singh, 2010). Customer feel that internet mode facilitate convenience and also saves time and resources (Khare & Singh, 2010). They are more self directed in their insurance decisions and want to interact with their agents across full arrange of channels: in person through mobile devices, by phones, internet, and video conferencing etc.…”