Online insurance
Online insurance refers to provision of buying and selling insurance online. Insurance is subject to Utmost Good Faith[citation needed], which makes it very convenient for people to conduct the business online, as both the parties have absolute duties to tell all the facts which are material, else the contract are void.
Conducting a full transaction of insurance is tough for most of the commercial businesses, but many types of personal insurances are conducted online including but not limited to Motor (car) insurance, travel insurance and medical insurance.
Many of the online insurance providers, just provide the insurance quote online and the rest of the process is done manually, this is very convenient for cases where the physical paper is important to complete a process. An example is car insurance in Dubai / car insurance in UAE, where it is mandatory to give Arabic certificate of insurance before registering the car. The certificate should bring physical stamp of the issuing company, hence it is virtually impossible to complete the complete transaction online. Hence websites provides you online insurance quotes and complete the rest of the procedure offline.
Online Niche Insurance
A trend that will probably become more widely used in the future is simplifying and automating a single line of coverage or a single class of business. Often it will be done by an Insurance Carrier directly to the customer or by a broker that is operating specifically to write Niche Insurance. This is done by a more specialized insurance professional than your common Insurance Broker. There are some significant advantages of this type of insurance sales. Consolidated marketing to a singular audience, specialized coverage forms and a broader underwriting appetite to name a few. Online insurance reduces much of the paper work that was required. Special event insurance in particular has been written by many companies with success.
Online insurance refers to provision of buying and selling insurance online. Insurance is subject to Utmost Good Faith[citation needed], which makes it very convenient for people to conduct the business online, as both the parties have absolute duties to tell all the facts which are material, else the contract are void.
Conducting a full transaction of insurance is tough for most of the commercial businesses, but many types of personal insurances are conducted online including but not limited to Motor (car) insurance, travel insurance and medical insurance.
Many of the online insurance providers, just provide the insurance quote online and the rest of the process is done manually, this is very convenient for cases where the physical paper is important to complete a process. An example is car insurance in Dubai / car insurance in UAE, where it is mandatory to give Arabic certificate of insurance before registering the car. The certificate should bring physical stamp of the issuing company, hence it is virtually impossible to complete the complete transaction online. Hence websites provides you online insurance quotes and complete the rest of the procedure offline.
Online Niche Insurance
A trend that will probably become more widely used in the future is simplifying and automating a single line of coverage or a single class of business. Often it will be done by an Insurance Carrier directly to the customer or by a broker that is operating specifically to write Niche Insurance. This is done by a more specialized insurance professional than your common Insurance Broker. There are some significant advantages of this type of insurance sales. Consolidated marketing to a singular audience, specialized coverage forms and a broader underwriting appetite to name a few. Online insurance reduces much of the paper work that was required. Special event insurance in particular has been written by many companies with success.
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