With the insurance industry going online and IRDA’s continuous focus on offering online empowerment to policyholders online has become the buzzword now Today close to 80% of motor insurance is bought through online modes. There are websites from individual insurers and also website from insurance web aggregators like myinsurancebazaar.com which are making the process more hassle free. Either it is car insurance or a two wheeler policy, anything that falls under motor insurance can now be easily bought online.
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedgeagainst the risk of a contingent, uncertain loss. An insurer, or insurance carrier, is selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraisingand controlling risk, has evolved as a discrete field of study and practice.