Gone are the days when buying insurance used to be a tedious task. The only choice or source to buy insurance was through an agent who with his limited sources used to sell you what he thought was best for you without much choice. The numbers of policies were limited; no extensive research was done in the area. Customer had a very limited choice and the entire process of paperwork was dreary.
Thanks to technology and digital era that even the monotonous industry of insurance is now as exciting as buying clothes online. The entire task of insurance has been modernized into faster and efficient process. Whether you are looking for health insurance, term plan, car insurance or business insurance, the world of Internet is at your hands and with just one click you can compare the quotes of multiple insurance providers.
You can navigate through comparison portals which are connected to literally every insurance provider in India giving you the ability to compare quotes instantly and find the best suitable coverage for you. The benefits of comparing online are:
| Parameter | Online | Traditional Methods |
| Time Required | Quick – Can purchase within minutes | Takes up lot of time to meet and understand from agents |
| Convenience | Can purchase at the comfort of your home and at your suitable time – 24×7 | Requires paperwork, meeting agents and can be usually done during office hours only |
| Cost | Saves more than 50% through comparison of multiple products | Usually expensive due to limited choices and higher distribution cost |
| Options | Multiple options to choose from | Usually single company products are available |
Comparing the Comparers
While there are a lot of comparison portals in India to choose from, we tried to evaluate the best options available to you. We evaluated various comparison portals on following parameters:
- Plethora of Options
- Customer reviews
- Customer support
- User Interface and Experience
While all the major portals promise to deliver the best, we listed down some important factors based on which we made a comparative study among the leading players in the Indian market. Below is the comprehensive review to help one make an informed decision.
We searched the keyword “ insurance comparison sites in India” on Google and got the list of top ten service providers, then as per Alexa ranking we listed down the top 4 players for comparison. Alexa is the widely accepted global metric that allows you to compare your website’s ranking and performance in comparison to other websites
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Plethora of Options
More the number of product offerings, more options you have to choose from. We took up 3 major insurances namely – Health, Motor/Car and Term insurance. After filling in the required information on each portal, we compared the number of options listed down by them:
- Customer Reviews
We went to Mouthshut.com to compare the reviews and the ranking of these portals from customer’s point of view
- Customer Support
Upon filling up the necessary and required information on each portal, we awaited for the response from their respective agents. We called from 3 different numbers and calculated the average time their agents took to call us back:
We also analyzed the way their customer support agents interacted and the product knowledge they had while we inquired about many policies from them:
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Product Knowledge Not obtrusive Communication Skills Ranking Policybazaar.com Yes NO Yes 2 PolicyX.com Yes Yes Yes 1 Coverfox.com No Yes No 4 Easypolicy.com Yes No Yes 3
- User Interface and Experience
We went to alexa.com to analyze the load time of these websites:
We analyzed the site performance on the basis of its layout, ease of use, navigation and form filling to compare the overall performance of the website:
Conclusion
|
|
Plethora of Options
|
Response time
|
Customer Support
|
Time taken by Website to load
|
User Interface and Navigation
|
Reviews |
|
Policybazaar.com |
1 |
2 |
2 |
2 |
2 |
3 |
|
PolicyX.com |
2 |
1 |
1 |
1 |
1 |
2 |
|
Coverfox.com |
3 |
3 |
4 |
3 |
3 |
4 |
|
Easypolicy.com |
3 |
4 |
3 |
4 |
4 |
1 |
Final Verdict
These insurance comparison sites are a part of digital revolution in India and a boon to insurance sector. With our personal research we landed on the final verdict that every portal is serving all the necessary parameters required to compare and buy an insurance policy but out of these 4 players Policyx is the one which stood out in terms of the ranking followed by Policybazaar, Coverfox and then Easypolicy.
