101 Guide To Buying Insurance Online: What To Look Out For And How To Get The Best Deal

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Digitalisation has been a disruptive force in recent years. Many financial services have been hit by the digitalisation wave. For example, digitalisation has transformed payments from cash to online payments. It has also reshaped how marketing campaigns are pushed out to consumers. Even the traditional business of insurance has begun to be disrupted.

Buying Insurance Online Will Soon Become A Norm

Buying insurance used to be an offline business. Insurance agents used to be the primary channel of distribution for insurance companies. However, with digitalisation, buying insurance is no longer an offline business. Buying insurance has transformed into a hybrid of offline and online business. Very soon, every Singaporean will be buying at least one of your insurance policies online.

Buying Insurance Online: What To Look Out For And How To Get The Best Deal

In this age of digitalisation, what should you look out for when buying insurance online? Also, how do you leverage on technology to get the best insurance deal?

  1. Secret Technique To Sourcing For The Best Deal: Sum Assured Per Premium

If you want to find the best insurance deal, then you must know this metric: Sum assured per premium (SAPP). In order to make a fair comparison across different insurance policies, you need to use SAPP. SAPP is essentially the amount of benefit you get for every dollar that you are paying for. You can think of it as a value-per-cost type of metric. If you are able to find the highest SAPP insurance policy, you are one step closer to getting the best deal.

  1. Find The Best Deal Using The Right Comparison Tool

In the past, it was almost impossible for you to compare insurance policies across different insurers. You will need to meet up with five different financial advisors representing five different insurers to get information on the insurance policy. After which, you need to build your own comparison excel sheet to compare them before you can make a decision on the best deal. By the time you have completed this step, you would already have been exhausted. You end up either giving up and just getting any insurance policy, or you give up buying insurance entirely.

However, with the rise of digitalisation and growing trend of buying insurance online, you can easily compare across different insurance products. All you need to do is to find the right source. For example, Moneyline’s insurance comparison tool allows you to compare insurance policies from all the major insurers across Singapore. You just need to enter in some basic information like age, coverage period and sum assured. You can get your comparison in less than 5 minutes and make the SAPP comparison. If you feel that you have found the right one, you can even get assistance straightaway by simply clicking on the “Get Quotes” button.

Insurance TableSource: Moneyline

If you already have plans to get an insurance policy, why not use Moneyline’s comparison tool to find yourself the most value-for-money deal here?

 

  1. Look Out For User And Website Reviews Of Insurance Policies

While the right comparison tool can help you filter for the cheapest insurance policy, it might not be the best. If you want to find the best deal, you definitely need to check out user and website reviews.

One of the benefits of digitalisation is information transparency. Unlike the past where you only have the opinions of your financial advisor, digitalisation has enhanced the customer experience of understanding and buying insurance. Today, not only is the information of each insurance policy clear and succinct, you can also find reviews from other customers. The reviews are posted online to give you real user feedback on the pros and cons of each type of insurance policy.

There are also websites that provide objective review of how good each insurance plan is able to match your need. For example, Moneyline provides its own ratings on insurance plans to help you decide whether you are getting the best deal. Remember, it’s not just about the price, but also about the coverage.

Review TableSource: Moneyline

Trying to find the best insurance deal? Let Moneyline’s comparison tool do the comparison for you! You won’t even believe how simple and fuss-free it is!

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