Health insurance continues to be mostly a product that is bought offline. But according to a study, younger policyholders (age group of 25-44 years) and those in metros are more likely to buy online.
The study covered 601 Indian consumers, who said they had purchased new health insurance policies in the past 5 years. Respondents included only those who made the final decision and purchased their health insurance policy themselves.
About 30% in the 25-34 years age group said they bought their health insurance policies online—insurer’s website, bank’s website or through an online aggregator. This is not very far from the most common way of buying—through an offline agent or broker (33% for this age group). But filling the application form seems to be a hurdle. About 64% said they took the help of the agent or broker or the bank to fill the form. Only about a third, 35%, said they filled the form themselves.
