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In today's day and age, people are bombarded with choice, the insurance industry is no different. Prospective customers can either go ahead with the conventional channels like brick and mortar insurance offices, brokers or look for online insurance offerings. Every channel has its own unique set of advantages and disadvantages, it is up to the buyer to analyze each channel and select the one that is most comfortable to his/her taste. Here are certain tips to keep in mind for choosing the right insurance broker:

Choose the Right Platform to Buy Insurance

The biggest disadvantage for brick and mortar brokers is that they would try to sell insurance products that get high commissions. If you do go to an insurance company then he/she will have to naturally select an insurance product from their product line. This is where online insurance aggregators come in. The biggest advantage of online aggregator platforms is that there is no aggressive seller who is looking to sell insurance that is beneficial to him rather than the consumer. Online insurance aggregator will have products from all the major insurance companies in UAE, this ensures variety for customers to choose from.

Convenience

The next thing is convenience, the buyer should look for an insurance platform that is convenient and easily accessible. Convenience depends from person to person, some prefer online platforms for their ease of buying and others prefer brick and mortar channels for their comfy human interactions.

For example, if you are living in Dubai and searching to buy insurance it is easy to go online and search for an insurance broker in Dubai rather than going from one broker office to another in search of a perfect insurance product.

Price

The first thing that comes to mind for people who are looking to buy an insurance product in the UAE is its price. The insurance premium payment is a recurring expense hence it is a very conscious decision. Online insurance aggregators unlike offline retailers allow their users to compare the price of insurance policies offered by different companies. Furthermore, due to the high competition, online insurance aggregators are forced to offer products at a better price point when compared to brick and mortar stores.

Online insurance aggregators have been often credited for price transparency. This ensures that the policyholders are not subjected to any hidden charges or exploitations. Individual insurance brokers and offline brokerage services might not always demonstrate this level of transparency.

The reputation of the Insurer

The reputation of the insurer is very important to ensure a seamless customer experience throughout the insured period and the claim settlement period. The prospective policyholders are advised to check the insurer's website to know more about the insurance company. The customers can get information like claim settlement ratios, yearly financials, year of commencement of business, the country of origin, how long have they been operating in the UAE market, how big is the company in terms of the number of geographies it operates in, and so on.

The buyer can also check with friends, family, colleagues to know if they have ever purchased products from this company and if they have, how was the overall experience. Talk to previous and present customers and ask questions to clarify all your doubts. This will help you make an informed decision.

Lack of Ethics and Professionalism

Offline insurance retailers in most cases might not be professionals who have in-depth knowledge of the products that they are selling. As mentioned earlier their biggest motivation is the commission associated with each insurance product. Hence in most cases, the customer might not receive products that meet his/her requirements. Online insurance aggregators like Policyhouse.com on the other hand offer policy information clearly in a neat and clear format. This gives the potential customers an opportunity to understand the scope, depth, and activities covered by each policy. Allowing the buyer to take an informative decision.

Conclusion

Technology has shaped the way we interact and react in the 21st century. Technology has made life comfortable, this is reflected in every aspect of our daily life. The introduction of technology to the insurance field is the best thing that has ever happened in this industry so far. Technology has enabled us to know about different products, be well informed, compare prices, and buy insurance products at our convenience, be part of this revolution and enjoy a seamless experience.