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Policyholders still want to buy insurance physically, reveals study

This is because life insurance has traditionally been a sector with high human engagement and intervention

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The conversion rate in the online space is just 4 per cent. Still, life insurance companies have been increasingly designing products mainly for the online channel

Subrata Panda Mumbai
Despite best efforts by life insurance companies to encourage people to buy insurance policies online, various surveys reveal that they overwhelmingly prefer the physical mode of buying the products over others.

This is because life insurance has traditionally been a sector with high human engagement and intervention.

The physical mode typically comprises agents, brokers, branches of insurance companies, and the bancassurance channel.

As per PwC India’s Insurance Technology Adoption Survey 2019, 55 per cent of respondents mentioned that they continue to prefer buying insurance from agents and brokers. 

Moreover, the conversion rate from online modes stands at a mere 4 per cent. Similarly, a

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First Published: Jun 29 2019 | 10:59 PM IST

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