INTERWORLD acquires the status of being the first Indian Company to offer Consumer Friendly Online Insurance in India.

India is one of the biggest market in the world and all foreign companies are eying to capture Indian Insurance market. Online Insurance will help the companies to reach masses at very less cost.

(PRWEB) July 6, 2004 -- The insurance sector is among the fastest growing industrial sectors in the country. The Insurance industry landscape is rapidly changing in India and insurance providers are challenged to remain competitive. Many are in the look out for a consumer friendly web-x-udd technology, which can give them the edge they need to keep up, INTERWORLD, has offered them, exactly that.

INTERWORLD a public limited company listed on BSE since 1996 and engaged in E-commerce and entertainment has become the pioneer company to launch the most promising future multiple online insurance services through its subsidiary www.eshoppers. Biz. With the aim of offering, insurance to the people at lower premium the Co. has decided to venture into the insurance sector to give it a further boost albeit with a difference.

To make the industry grow by leaps & bounds and with the target of increasing the Companies turnover in the first year itself, INTERWORLD has signed a pact with BAJAJ ALLIANZ GENERAL INSURANCE COMPANY to sell insurance policies online as well as through its channel partner A&M INSURANCE BROKERS LTD.

Interworld would also invest in creating infrastructure to build a nationwide team to sell the policies. To give the Indian customers wider choice and value for their money the Co. is working out strategies with another 19 major insurance companies that includes ICICI-Prudential also.

According to Mr. Man Mohan Gupta, The chairperson & the Brain behind Multiple Online Insurance "INTERWORLDs WEB -- BASED CONSUMER FRIENDLY TECHNOLOGY enables the entire insurance distribution process to take place online in real time. This means REDUCED OPERATING COSTS, INCREASE REVENUE, OPPORTUNITIES, IMPROVED CARRIER LOSS RATIOS, IMPROVED DATA CAPTURE and A CONVENIENT ONLINE BUYING EXPERIENCE FOR INDIVIDUALS AND DISTRIBUTION PARTNERS."

In todays world the customers are concerned with the value for Money. The effort of the company will result in customer satisfaction, customer retention, customer acquisition, employee retention and finally time and cost reduction. And the process should also save them from the unnecessary hassles created by the agents.

"After a careful SWOT analysis we decided to sell insurance policies over the Net. We at INTERWORLD felt that MULTIPLE ONLINE INSURANCE will be the order of the day in the not-too-distant future. Though traditionally in the Indian market insurance is sold after considerable persuasion and physical interface. The element of trust has to be cultivated by the agent in his client before he can sell a policy." revealed the Chairman, INTERWORLD.

The cost advantage of selling policies over the Net has also been factored. Initially, INTERWORLD and its channel partner A&M have signed an MOU with BAJAJ Allianz to sell policies through an online-cum-offline system. The strong process orientation will help the organization to provide better services than the traditional system.

India is one of the biggest market in the world and all foreign companies are eying to capture Indian Insurance market. Online Insurance will help the companies to reach masses at very less cost.

For the first time Indian customers will be provided the process of claims settlement and help in assisting the same through direct customer care numbers.

The USP of the company would be to provide the comparative premium chart to its customers.

"After De-Tariff in motor insurance any time from now, the scenario is bound to change further. The consumers will be left at the mercy of the agents or rather the companies, At such time on-line insurance through INTERWORLD will be a silver lining for them. With on-line insurance facility the consumers would have the liberty of having a comparative charts of different insurance companies. This would be a great advantage to the customers. Not only this for the benefit of the consumers the co. will also play a vital role of negotiator." informed the Chairman, INTERWORLD.

The Motor Insurance through online will contribute significantly to this phenomenal growth as insurance is compulsory there. Presently the Annual growth rate of insurance sector is 20% in which mainly it is contributed by health insurance market.

Recent reports from studies by reputed bodies indicate that online insurance would generate $ 2.5 billion in premium by 2005. In anticipation of this boom, the players have started offering products that cover all the key risks specific to the new economy. And INTERWORLD expects a growth of 5 % With Online Insurance. The company is also confident to increase its turnover and profits in one year.

With this one thing is however clear- a "brave New World" is unfolding. Online insurance is fast becoming a necessity for companies And for the insurers it promises to open up a new avenue of growth.

For Further Information Please Contact Ashish : 55658191 ashish@eshoppers.biz

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